Terry Smith has seen his income surge on the back of a stunning year for his investment firm.
According to accounts filed with Companies House, Fundsmith's profit in the 12 months to 31 March 2017 jumped from £2.9 million to £14.2 million. Turnover almost doubled from £41.6 million to £81.7 million.
The increase in profit and revenue was driven by a surge in assets under management, from £5.9 billion in 2016 to £11.08 billion as at 31 March. Assets have since increased to £13 billion.
The rise in assets was also a factor behind a sharp increase in administrative costs over the reporting period, which escalated from £38.7 million to £67.5 million.
The administrative were absorbed by an associate company called Fundsmith Investment Services Limited (FISL). This business was established in Mauritius in 2016, a year before Wealth Manager revealed that Smith had officially moved to the Indian Ocean island.
FISL was set up to provide back office support to Fundsmith relating to stock selection, investment research and trading. When the firm released its 2015/16 numbers, Wealth Manager explored the connection between the two businesses.
As of 31 March 2017, the LLP had five members: Terry Smith - who owns around 50% of the business - alongside Mark Laurence, Simon Godwin, International Value Investments and NoLeLu II.
The bumper 2017 meant Smith's profit entitlement soared from £1.6 million in the previous year to £8.1 million in 2016/17.
He launched Fundsmith in 2010 and his flagship Fundsmith Equity fund - which now controls more than £10 billion - has been one of the best-selling funds in the UK for several years thanks to its stellar performance.
In the five years to the end of November 2017 the fund has returned 174.3% more than double the 85.7% gain in the peer group. Since its launch in November 2010 the fund has returned 261.7%.
At the end of last year Fundsmith said it would be launching a sustainable global equity fund based on a mandate Smith has run on behalf of Comic Relief.
Smith also confirmed that he, alongside other members of the investment team, would be investing a combined £10 million into the new fund.
The fund will be the third strategy in Fundsmith's table, sitting alongside the Fundsmith Equity and Fundsmith Emerging Equities Trust.