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S&W chief exec awarded £850k on banking successes
by Robert St George on Oct 18, 2013 at 07:59
David Cobb, who became co-chief executive of Smith & Williamson last month, earned a bonus worth half a million pounds for the year ended 30 April 2013 following strong performance in the investment management and banking division he runs.
Due to its corporate structure, the company is unusual among its peer group in disclosing the pay packets of key investment management staff.
Cobb (pictured) took home a basic salary of £282,000 for the year, on top of which he was awarded a bonus of £500,000. Including benefits in kind and shares awarded, this took his total remuneration for the year to £853,000.
However, the firm’s operating profit slipped by 9% to £23.5 million following higher spending on its sales and distribution network.
Cobb’s co-chief Kevin Stopps, who ran the tax and business services department, took home £588,000 – including a £260,000 bonus. The operating profit in his area almost tripled to £5.8 million.
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