Winton Capital Management saw its profits plummet last year—although founder David Harding still enjoyed a very handsome payday.
The London-based managed futures firm, the second-largest in Europe, earned just £45 million last year, down 79% from the £206 million net profit it turned in 2008. Of course, Winton’s flagship’s reflected the same, with the Futures Fund dropping 4.63% last year after soaring 21% in 2008.
Assets under management held steady on the year at US$12.5 billion. Turnover fell 74% to £102 million.
Also falling precipitously was Harding’s own payday. Harding’s dividend fell by almost half—but he still took home £54 million. He was received £4 million in salary, down from £17 million last year.