Fund manager Sir Chris Hohn sees pay slump by half but still pockets £276m
Billionaire British hedge fund manager Sir Chris Hohn paid himself more than £1m a working day this year, despite profit at his fund, TCI, falling by 48 per cent.
As reported in the Guardian today, Hohn paid himself a total of £276m this year, according to documents filed at Companies House. However, the fund manager’s payout was lower than last year. He collected a £574m dividend for his work last year as TCI’s profits boomed.
The lower dividend payout reflected TCI’s lower profit. The parent company, TCI Fund Management, recorded a 48 per cent decline in profit before tax to $371m (£295m).
TCI is one of the world’s most profitable hedge funds. With assets under management of around $50bn (£40bn), it has generated approximately $40bn (£32bn) in profits for its investors since it was set up by Hohn in 2003.
TCI has netted Hohn a personal fortune of £4.9bn, although he has been named the “UK’s most generous man” by the Sunday Times rich list due to his charitable giving through the Children’s Investment Fund Foundation (CIFF) charity.
When the CIFF was set up it was entitled to a percentage of TCI’s fees every year, but this agreement has since been changed to give TCI more flexibility. TCI donated $26m to CIFF last year and $52.5m to Hohn’s newer charity the CH Foundation (UK).
CIFF has $5bn of investments and donated £390m in 2022, according to accounts filed with the Charity Commission.