£100m gain for fund boss Terry Smith

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Terry Smith set up Fundsmith in 2010. It has assets under management of more than £17 billion Terry Smith set up Fundsmith in 2010. It has assets under management of more than £17 billion

The fund management star Terry Smith bagged a 48 per cent pay rise to £12 million last year and potentially stood to make much more as his Mauritius-based management company pulled in another £88 million in fees.

Details of the payments were contained in the accounts of Fundsmith, his London-based fund management group, which had a highly successful year as it attracted more business from Mr Smith’s army of investment fans.

Mr Smith’s direct share of profit as the controlling shareholder in Fundsmith went up from £8.1 million last time to £12 million for the year to March 2018, but it was the rocketing revenues paid by Fundsmith to his offshore business that raised eyebrows.

Fundsmith paid the investment services business £88.4 million, up from…

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