Winterflood trebles salary to £3.45m

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The Independent Online

Brian Winterflood, the small companies market maker who led the successful retail brokers revolt against the Anglo-German iX stock exchange merger, trebled his salary to £3.45m for the year to 31 July.

Brian Winterflood, the small companies market maker who led the successful retail brokers revolt against the Anglo-German iX stock exchange merger, trebled his salary to £3.45m for the year to 31 July.

The bulk of that increase came from Mr Winterflood's performance related bonus which went from £986,000 in the company's previous financial year to £3.165m this time as profits at Winterflood Securities, Mr Winterflood's market making business, soared on the back of the retail share buying boom.

The surge in profits at the firm was the major factor behind the doubling of full-year profits reported last week by Close Brothers, the UK listed investment bank which owns Winterflood Securities. Mr Winterflood, 63, was the highest paid director at Close during the period. His salary outstripped that of Rod Kent, Close's chief executive by a margin of more than three to one.

Mr Kent said last week that while some £50m of those profits were attributable to the retail bubble earlier this year, he believed that there had been more durable step change in the level of retail demand for stocks.

Colleagues at Close said yesterday that they felt that Mr Winterflood's salary increase was well deserved given the spectacular success of the firm. Mr Winterflood quit the old County NatWest to found Winterflood Securities in 1988. It was sold to Close in 1993. He has remained managing director throughout.

Charles Schwab, the US online broker is understood to have been interested in buying Winterflood but been told firmly that the firm is not up for sale.

Following its success in cornering the market for small companies share dealings in the UK, Winterflood recently started market making in European stocks to British clients and will shortly offer US stocks. The firm is also a big market maker in UK gilts to private clients.

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