If you were looking for an opportune time to join a hedge fund and receive a large pay day, it would have been wise to apply to Egerton Capital at the beginning of 2013. It was a great year for the firm – assets under management swelled and performance beat the vast majority of its peers. And if you made it to partner, you would have been one of a select few to share £141.4m in profits.
The hedge fund with chief investment officer John Armitage at the helm was up 27.7% in 2013 and assets nearly doubled from $6.9bn at the end of 2012 to $13.2bn by the end of last year. In short, 2013 was something of a success for the firm and this is highlighted in its accounts filed this week on the UK Companies House website.
From February 2013 to 31 March this year, Egerton Capital LLP posted a profit – to be divided up between its members – of £141.4m.
This is shared between just 12 partners at the hedge fund, but one individual – possibly Armitage – was awarded £46.7m. However, the remaining profits still amount to a hefty £8.6m average for the other 11 partners.
Even in hedge fund terms, this is generous. Our analysis of high-paying hedge funds in the UK put BlueBay Asset Management at the top for partner remuneration – it shelled out an average of $7.3m in 2013.
Despite this, Egerton has not been expanding a lot over the past year. It now has 23 employees registered with the Financial Conduct Authority, up from 20 in March. One significant hire was Rupinder Vig, who joined from Morgan Stanley earlier this year.