Friday, 1 July 2016
Last updated 11 hours ago
Jul 25 2012 | 10:32am ET
Tudor Investment Corp.'s restructured European business paid out some US$76.6 million to its members after profits at the unit jumped tenfold.
Members of Tudor Capital Europe split US$62.6 million in the 12 months ended March 31, as well as a further US$14 million awarded by the directors as part of its partnership agreement, Financial News reports. While TCE paid out just US$8 million to members last year, major changes at the unit make that comparison all but meaningless.
To begin with, that US$8 million went to just two employees. Last year, however, Tudor moved a number of portfolio managers and directors from its Tudor Capital (UK) arm to TCE, increasing the latter's headcount to 20. Tudor said the move was made to boost TCE's "ability to retain and incentivize key personnel."
At least one member has been so incentivized: The highest-paid member got US$23.2 million last year, almost three times as much as the unit paid out to its two employees in 2010.
TCE is based in Epsom, England. Its pre-tax profits for the fiscal year were US$66 million, up from US$6.5 million in fiscal 2010.