Hedge fund’s pay bonanza is over
THE gold rush at the hedge fund once famed as the City’s highest payer has slowed as records show that its bestpaid executive pocketed £80m less than he did 10 years ago.
Privately owned fund Sloane Robinson used to be one of the most lucrative places to work in finance, notably paying one of its senior managers £87.3m at its peak in 2008. But payouts have dwindled since the financial crisis.
Accounts filed with Companies House show that its highest earner pocketed £1.2m for the year to March, while the group’s 14 members split £10.9m between them. Although an increase on the year before, the pay pales in comparison to the £340m shared by partners in 2008.
The £1.2m payday for the unknown member is also significantly less than the amount earned by some of the company’s City rivals. Hedge fund billionaire Chris Hohn took home a £215m dividend last year, while the founder of Cedar Rock Capital paid himself £43m.
Sloane Robinson has backed a number of blue-chip names including Tesco, Next, Chinese internet giant Baidu and Activision Blizzard, the US games developer behind titles such as
Call of Duty and World of Warcraft.
It is unclear from Sloane Robinson’s filings how much its highest-paid partner took home last year. But a source close to the company said the person did not earn materially more in 2018, despite turnover at the business rocketing 78pc to £18.4m.
The fund was co-founded by Hugh Sloane and George Robinson in the early Nineties and has made multimillionaires of the two men. Mr Sloane, who is thought to have an estimated fortune of £185m, gave Bristol University a £10m donation in 2017, its largestever philanthropic gift.
The payouts compare with £120m handed to four top staff at Marathon Asset Management, revealed last week. Another fund, Cheyne Capital, split £37m among 23 staff.