Mayhew pay hits £800,000 at Cazenove

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The Independent Online

David Mayhew, the chairman of the blue-blooded stockbroker Cazenove, last year saw his pay package boosted to more than £800,000 by shares and options after the company's fortunes benefited from a resurgence on the stock market.

David Mayhew, the chairman of the blue-blooded stockbroker Cazenove, last year saw his pay package boosted to more than £800,000 by shares and options after the company's fortunes benefited from a resurgence on the stock market.

While Mr Mayhew's pay was still dwarfed by that of many of the FTSE 100 executives he counts as clients, his remuneration of £814,000 marked a substantial increase at Cazenove, which relies on its prestigious name to inspire loyalty, rather than mega pay packets. Cazenove, however, did more than double the total pay it handed to its employees in the year ending 30 April, to reflect the increase in business it has received from clients.

In comparison with the previous year, when the salary pool was capped at £24.4m and no staff received a performance bonus, last year the pot was £50.6m. Cazenove has also increased the basic pay of its senior directors for the first time in two years, from £125,000 to £135,000 for the 12 months beginning 1 May 2004, according to the broker's annual report, published yesterday.

It is mulling options for its future, which include a sale or flotation. The US investment bank Lehman Brothers had been viewed as the most likely candidate to snap up Cazenove, but reports at the weekend suggested the bank had pulled out of negotiations.

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