Jupiter star takes home £8m despite continued losses

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The Independent Online

Phillip Gibbs, the star financials fund manager and board director at Jupiter Asset Management, was paid an enormous remuneration package of more than £8m last year, putting him among the highest paid executives in the country.

Phillip Gibbs, the star financials fund manager and board director at Jupiter Asset Management, was paid an enormous remuneration package of more than £8m last year, putting him among the highest paid executives in the country.

Annual accounts for Jupiter, recently filed at Companies House, reveal that Mr Gibbs received an astounding £8.126m in 2003, an increase of at least three times the previous year.

Whilst Mr Gibbs is best known for running Jupiter's financial opportunities fund, which has returned more than 100 per cent over the past five years, he also runs a hedge fund and an investment trust for Jupiter, which charge investors a performance fee.

According to Jupiter - which is headed up by Edward Bonham Carter, the brother of the actress Helena - Mr Gibbs' Hyde Park hedge fund has returned 154 per cent over the five years to the end of June, compared with a fall in the FTSE 100 of 18.5 per cent over the same period. The Jupiter split investment trust, also run by Mr Gibbs, has delivered 181 per cent over five years.

Mr Gibbs was given the hedge fund to run several years ago in an attempt to keep him at the group at a time when many managers were moving to start their own investment boutiques.

The accounts reveal that Mr Gibbs is the highest paid director at Jupiter, earning far more than his boss, Mr Bonham Carter, who manages money as well as running the overall group. The total remuneration of the board of 11 directors was £12.4m for the year, leaving £4.3m between the other 10 directors.

Mr Gibbs' remuneration package is more than 50 per cent greater than that of Brian Gilbertson, the chief executive of BHP Billiton, who, according to the latest remuneration survey by The Independent, was the highest paid FTSE 100 executive last year, receiving a total remuneration package of £5.3m.

Jupiter's accounts also revealed that the group made an overall loss of £345,000 in 2003, compared with losses of £3.2m the previous year. The group has made overall losses for the past few years, due principally to liabilities in its disastrous Asian property funds which have cost the company tens of millions of pounds after land values collapsed in the region.

Mr Bonham Carter refused to comment on the company's results or the remuneration of his employees.

The fund management group was founded by the flamboyant City entrepreneur, John Duffield, in the 1980s, before floating and being sold to Commerzbank in the 1990s. Mr Duffield left after a row with the parent company and set up his own company, New Star Asset Management which plans to float this year.

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