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UK News Sir Chris Hohn, 54, pays himself a record £343million

23:26  01 march  2021
23:26  01 march  2021 Source:   dailymail.co.uk

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Sir Chris Hohn , 54 , pocketed a record £ 343 million after his Children's Investment Fund, which he founded in 2003, saw a 66 per cent rise in pre-tax profits. The payment , which is 1,700 times more than the Prime Minister Boris Johnson 's salary, is believed to be the highest annual figure paid to a person in the UK. It surpasses the previous record held by Bet365's billionaire boss Denise Coates who in 2018 raked in an enormous £ 323million and beat her own £ 265m record from the year before.

Sir Chris Hohn resigned as a 'designated member' of TCI Advisory Services. On the same day TCI Fund Holdings - the company which he is the sole director of - replaced his name. Last year he took £ 57m after the hedge fund produced some of its best set of profits. It followed his divorce from his Sir Chris Hohn , who runs The Children's Investment Fund Management, was ranked tenth on a Rich List of the world's highest earning hedge fund managers for 2015. He was the only Briton on the list, which was dominated by Americans but also included one Norwegian – Ole Andreas Halvorsen of Viking

Chris Hohn et al. standing next to a man in a suit and tie: MailOnline logo © Provided by Daily Mail MailOnline logo

A billionaire hedge fund tycoon who used to be Rishi Sunak's former boss pocketed a record £343million after his firm saw a 66 per cent rise in pre-tax profits.

Sir Chris Hohn, 54, paid himself the record sum- which equates to £940,000 a day - after his Children's Investment Fund Management (TCI), which he founded in 2003, saw profits rise to £499million.

The payment, which is 1,700 times more than the Prime Minister Boris Johnson's salary, is believed to be the highest annual figure paid to a person in the UK.

It surpasses the previous record held by Bet365's billionaire boss Denise Coates who in 2018 raked in an enormous £323million and beat her own £265m record from the year before.

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Hedge fund manager Sir Chris Hohn paid himself £ 270m last year – £ 70m more than his Children’s Investment Fund made in profit. Hohn , the son of a Jamaican car mechanic who emigrated to Britain in the 1960s, collected 3.9m ( £ 270m) in dividend payments from the hedge fund he set up in 2003. His pay is 1,800 times that collected by the prime minister. Accounts filed at Companies House show that the Children’s Investment Fund Management Limited increased its dividend payment in the year to the end of February to 3.9m from zero the previous year.

Hohn paid himself a dividend of £ 270 million the previous year. The 52-year-old is one of Britain’s most prolific philanthropists and was knighted four years ago. He was at the centre of a boardroom battle at the London Stock Exchange in 2017, leading a revolt against chairman Donald Brydon after Sales broke records at the end of a volatile 2020 as fund managers beat trackers. Government's £ 20-a-week Universal Credit boost must be extended for at least a year to prevent families being plunged into poverty, MPs warn. A £ 595,000 converted water tower is revealed as the most popular home for sale

Chris Hohn wearing a suit and tie standing in front of a window: Billionaire hedge fund tycoon Sir Chris Hohn, 54, paid himself £343million - which equates to £940,000 a day - after his Children's Investment fund, saw pre-tax profits rise © Provided by Daily Mail Billionaire hedge fund tycoon Sir Chris Hohn, 54, paid himself £343million - which equates to £940,000 a day - after his Children's Investment fund, saw pre-tax profits rise

Sir Hohn collected the amount, which was for the year ending on February 29, 2020, through his personal company TCI Fund Management (UK) in dividends, according to Companies House.

The accounts show that the firm has total shareholder funds of almost $2 billion.

Born in Addlestone, Surrey, the tycoon, who is the son of a Jamaican car mechanic,  graduated with first-class honours in accounting and business economics from the University of Southampton in 1988 before going on to work for the private equity group Apax Partners.

He then went on to work for Perry Capital, an American hedge fund on Wall Street, before being made head of Perry's London operation in 1998.

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Sir Chris Hohn 's firm The Children's Investment Fund placed a huge bet on Wirecard's shares falling earlier this year and called for the removal of the firm's chief executive Markus Braun amid allegations of accounting irregularities. Last week, Wirecard's shares crashed by more than 80 per cent after EY, the company's auditor, refused to sign off its accounts and TCI – which employed Sunak as an analyst before he became an MP – short-sold 1.53 per cent of Wirecard's shares, according to Bloomberg data. Hohn 's fund is likely to have made about £ 100million from Wirecard's share price collapse.

Sir Chris Hohn , who was involved in one of the UK's most expensive divorces, managed to increase his wealth by £ 100million. Cambridge-educated physicist David Harding moved up a place to third after netting up to £ 150million in the last year while Sir Chris Hohn , who had to fork out £ 337million to ex-wife Jamie Cooper when they divorced in 2014, saw his wealth rise by £ 100million. The top 10, whose wealth now totals almost £ 11billion, saw their collective wealth rise by £ 500million in the last 12 months.

In 2003, Sir Hohn set up The Children's Investment Fund Management which makes long‐term investments in companies globally and holds stakes in companies such as Visa, Microsoft and Alphabet -  the parent company of Google.

The now Chancellor Rishi Sunak was also employed as a junior analyst for the fund between 2006 and 2009.

In 2019, it emerged that the businessman donated £200,000 to climate activist group Extinction Rebellion through his charity and his own personal wealth, after claiming there was an 'urgent need' for people to wake up to climate change.

a person standing in front of a building: The tycoon employed Rishi Sunak to work for the firm as a junior analyst between 2006 and 2009 © Provided by Daily Mail The tycoon employed Rishi Sunak to work for the firm as a junior analyst between 2006 and 2009 a person talking on a cell phone: In 2014, the tycoon was ordered to hand £337 million to his American-born wife Jamie Cooper during their divorce proceedings © Provided by Daily Mail In 2014, the tycoon was ordered to hand £337 million to his American-born wife Jamie Cooper during their divorce proceedings

Around £50,000 of the donation came from his own pocket, while the rest came from his charity.

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Sir Chris Hohn has been told to hand over the sum following the collapse of his 15-year marriage to Jamie Cooper- Hohn . The pair – who have homes in London, the US and West Indies – had fought over assets totalling more than £ 700 million at the High Court. Sir Chris – a so-called ‘non-dom’ who is legally based outside of the UK – countered that he had wanted to help others from an early age. He added: ‘I learned very early on that you can’t take money with you and that it doesn’t bring happiness. The basis for my claim [to retain 75 per cent of the disputed fortune] is that I have created all the

Sir Chris Hohn will take home more than half a billion pounds from divorce. His wife was given £ 330million, but is likely to appeal the amount. Case is expected to influence future divorces involving wealthy couples. The husband in Britain’s biggest ever divorce case should receive the lion’s share of the £ 870million fortune at stake because he is a financial genius, a judge ruled yesterday. Sir Chris Hohn , son of a Jamaican motor mechanic, will take more than half a billion pounds from the wreck of his marriage due to his extraordinary achievements as an ‘activist investor’.


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In 2014, the tycoon was ordered to hand about a third of a £1billion fortune - £337 million - to his American-born wife Jamie Cooper during their divorce proceedings.

During the case, the couple, who had homes in London, the United States and the West Indies – had fought over assets totalling more than £700million at the High Court before a judge finally settled on the staggering sum.

Ms Cooper later said she had considered appealing the ruling after being awarded £200million less than she wanted but decided against it.

She told the court: 'I have chosen not to appeal this judgment, and instead focus on my passions: transforming children's lives in the developing world and raising my own children.

'I firmly believe, however, that the so-called 'special contribution' doctrine used in this case is outdated and unjust in disproportionately valuing the generation of wealth.

'It dismisses the important contributions that those who take on the responsibility to raise children and work in less lucrative sectors make to our society.'

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Chris Hohn holding a sign: The tycoon donated £200,000 to climate activist group Extinction Rebellion through his charity and his own personal wealth © Provided by Daily Mail The tycoon donated £200,000 to climate activist group Extinction Rebellion through his charity and his own personal wealth

The couple married in Washington DC in 1995 and have four children, including triplets.

However the pair returned to court in 2018 after Sir Chris refused to give his ex wife money from the Children's Investment Fund which they co-founded.

The dispute centred on whether the foundation, which had assets of more than £3 billion, could make a grant of more than £270 million to a similar charity, Big Win Philanthropy, set up by Ms Cooper after the divorce.

The Surrey-born financier, who was ranked as the 125th-richest person in the UK with a £1.2bn personal fortune on the Sunday Times Rich List in 2020, last year slammed investment giants for acting 'like sheep' on climate change.

The billionaire wrote to seven of the world's biggest asset managers urging them to step up their efforts to force companies to become more environmentally friendly.

In the letter, sent through his charity the Children's Investment Fund Foundation, Sir Hohn accused 'most asset managers' of 'total greenwash'.

He later told The Financial Times: 'The asset management industry is a joke in respect to what they are actually doing [around climate change]. They talk but they don't actually do anything effective. Asset managers are sheep.'

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