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Quilter reveals pay for key executives ahead of June IPO

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Quilter reveals pay for key executives ahead of June IPO

Quilter has revealed the pay details of its top executive ahead its IPO.

The details were revealed in its listing prospectus, which also said the group has penned in 25 June for its float.

Chief executive Paul Feeney (pictured) will see his base annual salary rise by £200,000  to £675,000, alongside a discretionary 2018 bonus of up to 200% of his base salary.

Additionally, under the Quilter Performance Share Plan (PSP), he is entitled to an annual long-term incentive plan (LTIP), but has no contractual right to receive the awards. Under the terms, half his annual bonus will defer into a conditional award over ordinary shares, which will vest in equal instalments on the first, second and third anniversaries of the award date.

Feeney will also receive a pension contribution of 10% of his annual salary.

Chief financial officer Tim Tookey's salary will stay the same at £600,000 and will have the same bonus arrangement as Feeney.

There was no LTIP in place when Tookey joined the business under its previous name Old Mutual Wealth to manage the separation for its parent Old Mutual last April. Therefore, an equity award of 200% of his base salary was agreed for each of the next three years subject to certain performance targets being hit.

Tookey will also receive a 30% pension contribution, which was agreed when he joined the firm.

Meanwhile chair Glyn Jones, who agreed to devote at least two days a week to the business when he joined in September 2016, will see his pay rise from £325,000 to £375,000 when the firm lists.

The listing of Quilter, which rebranded from Old Mutual Wealth last month, is part of the managed separation from Old Mutual.

The prospectus revealed the total cost of the Quilter separation was £75 million. Of this, £32 million and £7 million were incurred in 2017 and 2016 respectively, with an additional £36 million expected in due course. Rebrand costs are expected to mount to £12 million.

This article was amended on 23 April. Tim Tookey's salary will not rise by rise £170,000 as iniutially stated. It will be £170,000 higher than the salary he received last year because he joined on 1 May 2017 and was paid on a pro rata basis. 

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