Multimillion pound paydays for fund managers

Hedge fund managers may be best known for their hefty packages. But traditional fund managers are doing quite well too.

New Star Asset Management Group's highest paid director, Richard Pease took home over 1 million in performance fees last year, more than the company's founder chairman.

But his performance fee earnings were still pipped by another unnamed fund manager at the same company, who bagged combined salary and earnings of 1.4m, Reuters reports.

Perhaps this is all in a day's work for the people at New Star, where it is estimated that at least forty of the staff are millionaires.

Managers at smaller rivals are doing pretty well in the pay stakes too.

The report says that last year the highest paid director at JO Hambro Investment Management, took home 1.82m.