Wednesday, 20 August 2014
Last updated 10 min ago
Oct 15 2007 | 7:55am ET
Last year was a profitable one for private equity giant CVC Capital Partners, and its top brass are laughing all the way to the bank. One of Europe’s largest private equity, firms, CVC has revealed that it paid its top partners £250 million (US$509.1 million) in 2006.
Chairman Michael Smith and senior London partner Donald Mackenzie received £50 million (US$101.8 million) each. London partners Jonathan Feuer and Rob Lucas, and co-founder Hardy McLain, are also reportedly among the recipients.
The payout quickly, and predictably, drew fire from Britain’s unions, which have criticized the amount of tax private equity executives pay. And just last week, Alistair Darling, the Chancellor of the Exchequer, proposed radical changes to the capital-gains tax regime, which would make private equity firms liable for 80% more taxes than they already pay on their income.
The same debate, over how much tax private equity and hedge fund firms pay on management fees—also known as carried interest, is raging on this side of the pond.
Aug 4 2014 | 7:42am ET
By now, U.S. and international subscribers have received their home or office delivery of the special 500th issue of Futures magazine. You can too!—a very special offer follows. The issue is the largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders. Read more…