Wheel of Fortune's Favoured Players; Brokers Take Centre Stage, Says City Editor Chris Blackhurst, in Part Two of Our Authoritative Countdown of the Top 50movers and Shakers

The Evening Standard (London, England), July 8, 2003 | Go to article overview

Wheel of Fortune's Favoured Players; Brokers Take Centre Stage, Says City Editor Chris Blackhurst, in Part Two of Our Authoritative Countdown of the Top 50movers and Shakers


39= Crispin Odey, 44 Odey Holdings

[pounds sterling]30m

Crispin Odey came to prominence in 1994 when his salary was revealed to be [pounds sterling]19.25m, compared with [pounds sterling]2.8m in the previous year as head of his Odey Asset Management operation. Recent salaries at the renamed Odey Holdings have been more modest - [pounds sterling]3.5m in 2001 and [pounds sterling]1.9m in 2002. With his family, Odey has a 96% stake in Odey Holdings, which turned in a [pounds sterling]39,000 loss on [pounds sterling]5.9m sales in 2002. But as Odey turned bullish on equities last year, when markets reached their low point, he should do better this year on the recent rally. Despite the loss, Odey's past salaries and stakes in other ventures such as Buckle My Shoe should take him to a [pounds sterling]30m fortune.

39= Sir David Howard, 57

Charles Stanley [pounds sterling]30m

A former Lord Mayor of the City, Sir David Howard chairs quoted stockbroking firm Charles Stanley. The City-based operation has seen its shares fall sharply in the past couple of years as City deals have dried up and markets have fallen. The Howard family holds around 40% of the shares, a stake now worth [pounds sterling]21m. Other assets, property, past dividends, salaries etc take the family to perhaps [pounds sterling]30m.

39= Christopher Holdsworth Hunt, 54

Peel Hunt [pounds sterling]30m

Christopher Holdsworth Hunt, an ex-Morgan Grenfell banker, founded City stockbroker Peel Hunt in 1990 with partner Charles Peel (see below). Floated on the stock market in February 2000, Peel Hunt was valued at [pounds sterling]137.5m. Within a year, it was taken over by Belgium's KBC Bank in a [pounds sterling]265m deal. Holdsworth Hunt's stake was worth around [pounds sterling]30m. He remains managing director of KBC Peel Hunt, though in February it was revealed he had given 12 months' notice of quitting.

36= [pounds sterling]33m Ian Wace, 40

Marshall Wace Asset Management Financier

Ian Wace is the partner of Paul Marshall (see below) in Marshall Wace Asset Management, a hedge fund operation based in central London. He has half the [pounds sterling]46m company and we add another [pounds sterling]10m for his past salaries, dividends etc.

36= [pounds sterling]33m Paul Marshall, 43 Marshall Wace Asset Management

Financier Paul Marshall joined up with Ian Wace (see above) in 1997 to launch Marshall Wace Asset Management, a hedge fund operation based in central London. The business, which uses complex mathematical models to play the markets, had a spectacular run, turning profits of [pounds sterling]37.3m on [pounds sterling]89.5m sales in the year to August 2001. But this fell to [pounds sterling]4.5m in 2002. Wace and Marshall each own half of the business which we value on its [pounds sterling]46m net asset figure.

The company also paid out around [pounds sterling]35m in directors' salaries and dividends between 1999 and 2002, mostly to Marshall and Wace. We value them each at [pounds sterling]33m, including past salaries etc.

34 TerrySmith, 50 Collins Stewart [pounds sterling]35m

Formerly an outspoken and fearless City analyst, Terry Smith is now chief executive of Collins Stewart, the stockbroker that bought itself out of Singer & Friedlander for [pounds sterling]122m in May 2000. Floated on the stock market in October 2000, the shares have held up reasonably well and Smith's stake is now worth [pounds sterling]33m. Past salaries, property etc, take him to [pounds sterling]35m.

33 HenryAngest, 63

Secure Trust [pounds sterling]37m

Merchant banker Henry Angest led the management buyout of Secure Trust Banking Group, the City-based financial services group, in 1985. As chairman and chief executive of the quoted operation, he has a 44% stake worth [pounds sterling]27m.

Add in his smart London home, past salaries and dividends totalling around [pounds sterling]2m a year, plus his separate Wyler Investments (with [pounds sterling]1. …

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