British hedge fund billionaire paid almost £1m a day

Lucy Harley-McKeown
Mon, 1 March 2021, 5:00 pm

LONDON, ENGLAND - MARCH 01: A pedestrian crosses the street in view of the City of London skyline on March 1, 2021 in London, England. As the government prepares to present the 2021 Budget to parliament on Wednesday, political factions within the ruling Conservative party and the opposition are weighing in on how they think the government can best shape its tax and spending plans to recover from the economic devastation of Covid-19. (Photo by Hollie Adams/Getty Images)
Forbes ranks the 54-year-old billionaire Sir Chris Hohn as the 330th richest person in the world, estimating his total wealth as $5.9bn. Photo: Hollie Adams/Getty Images

Hedge fund billionaire Sir Chris Hohn was paid almost £1m ($1.4m) per day in the year ending 29 February 2020 bringing in $479m in total as manager at his Children’s Investment (TCI) fund.

The fund, which Hohn founded in 2003, had a bumper year, seeing pre-tax profits jump 66% to $695m. The Guardian reported this to be the highest annual amount ever paid to one person in Britain.

It significantly outstrips the previous record of the Bet385 fortune paid to Denise Coates, which totted up to £323m in 2018.

Forbes ranks the 54-year-old billionaire as the 330th richest person in the world, estimating his total wealth as $5.9bn.

A filing made on Companies House showed the payout was made through dividends from TCI to his personal company, TCI Fund Management (UK) Limited. The company is 100% owned by Hohn and holds funds of nearly $2bn.

TCI holds big stakes in tech giants Visa (V), Microsoft (MSFT) and Google’s parent company Alphabet (GOOGL). Its turnover increased in the year to 29 Feb 2020 from $472m to $888m.

The hedge fund is current UK chancellor Rishi Sunak’s alma mater, where he was a partner between 2006 and 2009. He likely earned millions during his time there. The hedge fund paid out £875m to around 20 partners during just two of the years Sunak was a partner.

READ MORE: Brits saved another £18.5bn in January

While being a billionaire, Hohn is also a philanthropist. The latest available accounts for Hohn’s personal charity — the Children’s Investment Fund Foundation, show he gave away $386m in 2019.

He has also made moves in recent years to starve coal plants of funds in aid of the environment as the climate crisis has risen up investors’ agendas.