Pay for “British Warren Buffett” hits £46m
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Investment firm boss Andy Brown has awarded himself a bumper £46m pay package after overseeing a jump in pre-tax profits to £88m — up from £80.1m the year before - despite his fund shrinking in size over the last year.
Brown, 62, founder of blue-chip stockpicker Cedar Rock Capital, has been dubbed the ‘British Warren Buffett’ for his successful long-term investing strategy which is similar to that of 88-year-old Buffett, the so-called Sage of Omaha.
With his firm which employs just seven people, he picks just a handful of stocks which he believes have the potential to grow over many years, rather than investing in a very wide range of firms like most rivals.
Although Brown only pays himself a £190,000 salary, he pocketed a £46m share of Cedar Rock’s profits, up from £43m the year before.
Cedar Rock raked in total profits of £71.1m in 2018, slightly up from £70.9m a year prior. But the total amount of money it was looking after for investors slipped by 10pc, from £10bn to £9bn.
Brown himself is worth £620m, according to The Sunday Times Rich List.
Cedar Rock, which he co-founded in 2002 after a career with Morgan Stanley, holds major stakes in companies including Intercontinental Hotels, Starbucks and drinks firm Keurig Dr Pepper.
The firm increased assets under management to $12.6bn (£9.4bn) by 10 per cent in the year to last October and income rose to £92.9m, according to filings at Companies House.
Total dividends paid out, including to other directors and staff, exceeded £71m, with £31m to its other five owners, who include senior employees and Cedar Rock’s co-founder Nicholas Tingley.
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