Obviously, it’s open season on managers of all things financial. But the Telegraph took the turkey shoot to a new level on Friday – castigating a hedge fund for paying its employees.
Hedge fund managers at Cheyne Capital Management shared a £101m pay bonanza just eight months before one of their investment vehicles collapsed.
Staff at the London-based hedge fund, including founders Jonathan Lourie and Stuart Fiertz, shared the cash in the year to December 2006…
The accounts show that Cheyne uses a Bermudan offshoot called Cheyne Global Services (CGS) to pay its staff, who are technically employed by CGS and seconded back to Cheyne.
Cheyne pays the money to CGS to cover costs and expenses, most notably the remuneration of employees.
(Declaration: publishers at Pearson, parent of the FT, shared a £1.28bn pay bonanza last year.)