Disgraced financier Neil Woodford and his business partner pocketed £13.8 million before the crisis that led to the demise of his fund empire.
The dividend haul was revealed in accounts filed with Companies House for Woodford Investment Management for the last full financial year.
Mr Woodford received nearly two-thirds of the payout – around £9 million – as he owned 65 per cent of Woodford Investment Management.
The figures, for the year to March 31, came before the suspension of his flagship Equity Income Fund in June.
Chief executive Craig Newman picked up £4.8 million. The pair also bagged £36.5 million the previous year.
It comes as at least 300,000 investors faced huge losses and remain trapped in Mr Woodford’s Equity Income Fund, which is finally being wound up from January 18.
Mr Woodford received nearly two-thirds of the payout – around £9 million – as he owned 65 per cent of Woodford Investment Management
Neil Woodford fell from grace earlier this year when he was forced to suspend his fund – once worth more than £10billion – after investors tried to cash out too quickly.
The fund had invested in assets that were difficult to sell off quickly, making it vulnerable when investors tried to withdraw their cash. It is one of the biggest investment scandals in recent memory.
Woodford Investment Management is also being wound up, marking the end of the fund manager’s once glittering career as a star stock picker in the UK.
Reports recently revealed that Mr Woodford and Mr Newman have flown to the Far East to meet Chinese investors in an attempt to gain backing for a new business.
Disgraced money manager Neil Woodford and his partner pocketed £13.8m in dividends in the financial year before the crisis that led to the demise of his fund empire
Woodford is also an enthusiastic rider and his hobby is three day eventing
Rival bags £87m a year
Another renowned fund manager was in the spotlight last night after bagging a windfall of up to £87 million.
Terry Smith, founder of the successful investment firm Fundsmith, is entitled to 61 per cent of the profits his business makes. He pocketed up to £87 million for the year to March 2019, a rise from £62.4 million the previous year, as performance at his two main funds excelled.
His flagship Fundsmith Equity Fund turned a £1,000 investment into £1,226 over the 12 months, compared to £1,090 for a typical rival.
The accounts show that Woodford Investment Management’s pre-tax profit more than halved to £18.4 million in the year to March 31 2019, from £41.7 million in 2017-18.
Bottom-line profits slumped to £16.3 million from £33.7 million the previous year.
In the accounts filing, the firm blamed the ‘under-performance in the Woodford Equity Income Fund combined with a period of sustained and negative press coverage’ for the fund’s suspension.
The City watchdog has since announced that it is looking at new rules to prevent funds invested in illiquid assets from allowing daily withdrawals.
The Financial Conduct Authority is mulling changes that could mean investors who want to cash out within one day may have to take a discount on the money they want to withdraw.
The Woodfords also have a second luxury home on the Devon coast in the town of Salcombe (pictured centre)
Investors in the Woodford Equity Income Fund are set to receive the first payouts when it winds up soon – more than six months after it was first gated.
Woodford was once the most acclaimed investment guru in Britain.
He lives with his second wife Madelaine, 47, and their two children in a huge farm in the Cotswolds, near Highgrove House, the country home of the Prince of Wales.
It boasts a huge equestrian complex for their horses, as his hobby is amateur three-day eventing.
He has a second luxury home on the Devon coast with Madelaine, his former secretary. He and his first wife did not have children.
The couple paid cash for the £6.35million six-bedroom property two years ago. He is a former grammar school boy from Berkshire and came from a relatively modest background, who studied agricultural economics at Exeter University.
His father Victor printed postcards for a living.
He spent most of his career at fund giant Invesco, where his stellar track record meant that when he left in 2014 to set up his own firm, he raised £1.7billion in just a fortnight.