Hedge fund boss David Harding bags payday of £35m despite falling profits
Billionaire investor David Harding
Billionaire investor David Harding bagged a payday of around £35million last year, even as performance at his hedge fund stuttered.
Profits at Winton Capital Management, which invests clients’ money based on patterns it identifies in financial data using its high-end technology, plunged by 43 per cent to £49.8million.
Revenue slipped by almost 30 per cent, to £240million, although the firm insisted it was still investing heavily in its research, data and technology.
But Winton Capital had to let a fifth of its staff go, with the average number of employees tumbling from 375 to 296 over the course of 2018.
Yet its parent company, Winton Group, still managed to hand its owners £67million in dividends during 2018 – just over half of which went to Harding.
This was slightly higher than the £58million it shared out in 2017. And already this year the company has paid its owners another £12.5million, putting a further £7million in Harding’s pocket.
The 50-year-old Remain supporter owns just over half of Winton Group, while his wife Claudia, co-founder Martin Hunt, US asset manager AMG, and a number of other employees share the rest.
The average annual salary at Winton went up from £201,291 in 2017 to £204,078 last year.