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UK philanthropist pays himself over $2.3 million a day

A British hedge fund manager has paid himself a whopping $858 million after profits from his firm more than doubled last year.

Sir Christopher Hohn, Founder and Manager of The Children’s Investment (TCI) Fund, made the payment in the year to February 2020, according to papers filed to Companies House.

The philanthropist has assets estimated at $45 billion, according to Bloomberg.

The payment, understood to be the largest-ever annual personal payout in the UK, works out to be just over $2.3 million a day (£1.3 million) a day.

According to the filed papers, Sir Hohn paid the amount in dividends from the hedge fund to his personal company TCI Fund Management UK.

Companies House documents indicate Sir Hohn’s firm held investments totalling just under $2.5 billion at the end of that year and while TCI has headquarters in Mayfair London, its parent company is based in the Cayman Islands.

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Sir Hohn’s self-assigned salary trumps the previous record of $579 million paid to Bet 365 boss Denise Coates in 2018, according to CEO Magazine.

TCI Fund Management has stakes in some of the world’s biggest companies including Google and Microsoft.

The company was derived from TCI Fund Foundation which was established in 2003 by Sir Hohn and his ex-wife Jamie Cooper-Hohn to help improve the lives of children living in poverty in developing nations. 

According to Forbes, Sir Hohn’s personal fortune is estimated to be about $7.6 billion.

Source: 9News | World News

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