Chris Hohn misplaced cash final 12 months for the first time in more than a decade. We say Chris Hohn. We imply that Hohn’s TCI Fund misplaced cash for the first time in 13 years final 12 months, and various it, dropping 18%, amounting to one thing on the order of $8 billion. Some of that cash is Hohn’s, in fact—his $6.2 billion fortune is invested in his hedge fund—however, most of it belonged to his buyers.
Those buyers have been, in fact, additionally on the hook for TCI’s charges. These have been fairly a bit decrease than standard, given the losses, however nonetheless sufficient to assist earn TCI Fund Management a tidy $371 million in earnings, of which $346 million went straight to Hohn himself. And as a result of a decade in the past Hohn determined a decade in the past that he’d given sufficient cash to his fund’s eponymous charity to unravel all issues confronted by youngsters in every single place on this planet, that cash’s all his.
But earlier than you go on marveling at a person who paid himself greater than $1 million per working day to lose about $32 million per working day, bear in mind: That’s solely half the practically $700 million he paid himself the 12 months earlier than—which he stupidly reinvested in his fund! And don’t suppose he’s the one at TCI struggling this 12 months.
The common month-to-month variety of staff on the agency dropped from 8 in 2022 to 7.
Salaries and bonuses on the hedge fund additionally fell from $1.49m to $1.12m.
Luckily, he they usually have the enlightenment to deal with the setback.
Hohn informed the Sunday Times in May: “I’ve come to the conclusion that, while all the work I do is important, one of the most important things is this spiritual education. We have to solve the problem of selfishness in society.”
Hedge Fund Payout to Hohn Halves to $346 Million as Profits Dip [Bloomberg]
Hedge fund billionaire Sir Chris Hohn paid himself £276m in 2023 [Guardian]
Chris Hohn’s TCI Fund Management sees revenue fall 48% [FN]
