Clive Payday Shrinks With Firm

May 14 2013 | 11:20am ET

Big losses led to a big pay cut for Clive Capital's top managers—but they are unlikely to win any sympathy.

The London-based commodities hedge fund, which lost 8.8% last year, paid its three partners a total of US$39.2 million in the year-ended in February, according to regulatory filings. The trio received more than twice as much in the year ended February 2012, splitting US$82.5 million.

Clive's highest-paid partner—presumably founder and lead manager Christian Levett—was paid US$33.5 million down from US$60.8 million in the year-earlier period, and down from US$135 million in the 11 months prior to that.

Clive also disclosed that it paid its 11 staffers $3.5 million during the fiscal year and gave US$553,000 to charity.

After two losing years and a series of redemptions that cut US$600 million from its asset base, Clive announced fee reductions earlier this year.

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