Chris Hohn's Hedge Fund Boosts Profits But Pares Back Donations to Ex-wife's Charity
2014-12-03 14:20:38.998 GMT
Marion Dakers
Dec. 3 (Telegraph) -- The Children's Investment Fund made a
smaller contribution to the charity led by its founder's former
spouse
The hedge fund run by Chris Hohn has pared back its
contributions to his former wife’s charity, despite profits more
than doubling.
The move has emerged a week after after Mr Hohn’s wife,
Jamie Cooper-Hohn, was awarded £337m in a divorce settlement
ending TCI's obligation to send profits to the charity
The Children’s Investment (TCI) Fund was set up in 2003 with
the intention of pouring the proceeds into the Children’s
Investment Fund Foundation (CIFF), a charity chaired by Mrs
Cooper-Hohn.
TCI has reported a pre-tax profit of £68.7m for the year to
the end of February, up from £31.5m in the prior year according
to recently-filed accounts. Its parent company, TCI Fund
Holdings, posted operating profits of £72.m, up from £44.6m a
year ago.
The company set aside £44.9m of the proceeds to be shared
among 19 members, rising from almost £41m in the year before. In
addition, staff took away £13.7m in remuneration, up from £10.5m
last year.
CIFF UK Trading, a subsidiary of Mrs Cooper-Hohn’s charity,
received £4.9m through this allocation, down from £14.3m in the
year to February 2013.
Mr Hohn, who together with his estranged wife has donated
more than a £1bn to good causes over the years, remains on the
board of the charity. CIFF granted $122m (£77.9m) in the year to
August, up 40pc on the previous year, for projects including HIV
treatment schemes and cervical cancer vaccinations.
Sources close to the charity have previously pointed out
that the organisation is now big enough to run without regular
funding from TCI.
The TCI board said in recently-filed accounts that its
members “are satisfied with the results for the year. However,
current market conditions will continue to have a material impact
on the income stream of the partnership over the following twelve
months”.
During the year, TCI became Royal Mail’s biggest shareholder
during the postal firm’s stock market debut, building up a 5.8pc
stake in October 2013 before reducing its holding to 4.48pc in
January.
TCI’s flagship £4.8bn Master Fund generated a return of 47pc
in 2013.
TCI could not be reached for a comment.
-0- Dec/03/2014 14:20 GMT
2014-12-03 14:20:38.998 GMT
Marion Dakers
Dec. 3 (Telegraph) -- The Children's Investment Fund made a
smaller contribution to the charity led by its founder's former
spouse
The hedge fund run by Chris Hohn has pared back its
contributions to his former wife’s charity, despite profits more
than doubling.
The move has emerged a week after after Mr Hohn’s wife,
Jamie Cooper-Hohn, was awarded £337m in a divorce settlement
ending TCI's obligation to send profits to the charity
The Children’s Investment (TCI) Fund was set up in 2003 with
the intention of pouring the proceeds into the Children’s
Investment Fund Foundation (CIFF), a charity chaired by Mrs
Cooper-Hohn.
TCI has reported a pre-tax profit of £68.7m for the year to
the end of February, up from £31.5m in the prior year according
to recently-filed accounts. Its parent company, TCI Fund
Holdings, posted operating profits of £72.m, up from £44.6m a
year ago.
The company set aside £44.9m of the proceeds to be shared
among 19 members, rising from almost £41m in the year before. In
addition, staff took away £13.7m in remuneration, up from £10.5m
last year.
CIFF UK Trading, a subsidiary of Mrs Cooper-Hohn’s charity,
received £4.9m through this allocation, down from £14.3m in the
year to February 2013.
Mr Hohn, who together with his estranged wife has donated
more than a £1bn to good causes over the years, remains on the
board of the charity. CIFF granted $122m (£77.9m) in the year to
August, up 40pc on the previous year, for projects including HIV
treatment schemes and cervical cancer vaccinations.
Sources close to the charity have previously pointed out
that the organisation is now big enough to run without regular
funding from TCI.
The TCI board said in recently-filed accounts that its
members “are satisfied with the results for the year. However,
current market conditions will continue to have a material impact
on the income stream of the partnership over the following twelve
months”.
During the year, TCI became Royal Mail’s biggest shareholder
during the postal firm’s stock market debut, building up a 5.8pc
stake in October 2013 before reducing its holding to 4.48pc in
January.
TCI’s flagship £4.8bn Master Fund generated a return of 47pc
in 2013.
TCI could not be reached for a comment.
-0- Dec/03/2014 14:20 GMT