Andrew Balls, the brother of shadow chancellor Ed, has shared £57m in pay with six other directors of the European arm of Pimco, the world's largest bond investor.
The pay packages included £29.9m earned by the fund manager's highest paid director, which dwarfs the $23m (£14m) that Jamie Dimon, chief executive of JP Morgan, received in 2011. Dimon has been billed as Wall Street's highest paid banker. The identity of which of the seven is the Pimco top earner is undisclosed.
The huge Pimco rewards are revealed in documents filed with Companies House, as the controversy over City and executive pay gains momentum following last minute alterations by Barclays to its bonus plan and a wave of protests at companies as diverse as Smith & Nephew and Capital Shopping Centres.
Elsewhere, advertising group WPP is facing a row with its investors after handing its founder and chief executive, Sir Martin Sorrell, a 30% rise in his salary to £1.3m, while insurer Aviva has attempted to avert a rebellion at its annual general meeting on Thursday by announcing that chief executive Andrew Moss will not accept the 4.8% rise that would have pushed his £960,000 salary above £1m.
Pimco is based in California and is owned by German financial services giant Allianz; it manages $1.4tn on behalf of pension funds, corporate treasury departments and financial intermediaries - a massive sum that equates to Spain's gross domestic product. The company has grown in size and significance during the sovereign debt crisis as high-deficit European countries desperately need investors to buy their bonds. Pimco has more bond investors than anybody else.
However, despite growth of its funds, the pay for the European directors came in a year when Pimco founder Bill Gross wrote a note to investors entitled 'mea culpa' in which he admitted that the performance of the firm's flagship fund had lagged the market. 'This year is a stinker', he said in a letter peppered with baseball metaphors. 'Pimco's centerfielder has lost a few fly balls in the sun'.
However, despite stellar returns evading Pimco last year, it possesses highly rated funds and investors continue to deposit money. In Europe, the company's accounts show assets under management grew by 26% in 2011 to $198bn; they do not record how well its fund managers performed, and Pimco did not return phone calls.
Apart from Balls, Joseph McDevitt, William Benz, Bradley Paulson, Craig Dawson, Douglas Hodge, and Lew Jacobs all served on Pimco's European board.
Profit before tax at the European subsidiary were flat at £28m, on turnover up 33% at £278m. Its London-based staff grew from 168 in 2010 to 231 last year.
While the total director pay bill rose by 19% from 2010, the figures were skewed by a slightly larger Pimco Europe board. Average pay per director remained at around £8m. However, in 2009 four directors shared £11m.
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