NewSmith staff share £27m payout
Tuesday, September 7, 2010 : PermalinkTelegraph – The hedge fund group, which was founded by five Merrill Lynch directors led by Michael Marks, shared out the equivalent of its entire post-tax profits in pay, according to recently filed accounts. Although the accounts are for 2009, they relate to performance fees from the year before.
The group generated returns of over 8pc on both its UK and European long-short hedge funds at a time when markets plunged by over 30pc.
