Andrew, brother of shadow chancellor, and five others share pay as revealed in documents filed by bond investment firmAndrew Balls, the brother of shadow chancellor Ed, has shared £57m in pay with six other directors of the European arm of Pimco, the earth’s largest bond investor.The pay packages included £29.9m earned by the fund manager’s highest paid director, which dwarfs the $23m (£14m) that Jamie Dimon, chief executive of JP Morgan, received in 2011. Dimon has been billed as Wall Street’s highest paid banker. The identity of which of the seven is the Pimco top earner is undisclosed.The huge Pimco rewards are revealed in documents filed with Companies House, as the controversy over Megalopolis and executive pay gains momentum following at the end minute alterations by Barclays to its bonus plot and a wave of protests at companies as diverse as Smith & Nephew and Capital Shopping Centres.Elsewhere, advertising collection WPP is facing a row with its investors after handing its founder and chief executive, Sir Martin Sorrell, a 30% rise in his salary to £1.3m, while insurer Aviva has attempted to avert a rebellion at its annual common meeting on Thursday by announcing that chief executive Andrew Moss will not accept the 4.8% rise that would have pushed his £960,000 salary above £1m.Pimco is based in California and is owned by German financial services giant Allianz; it manages $1.4tn on behalf of pension funds, corporate treasury departments and financial intermediaries – a massive sum that equates to Spain’s yucky domestic product. The corporation has grown in amount and significance during the sovereign debt crisis as high-deficit European countries desperately demand investors to acquire their bonds. Pimco has more bond investors than anyone else.However, despite growth of its funds, the pay for the European directors came in a year when Pimco founder Bill Yucky wrote a notice to investors entitled “mea culpa” in which he admitted that the performance of the firm’s flagship fund had lagged the market. “This year is a stinker,” he said in a letter peppered with baseball metaphors. “Pimco’s centerfielder has lost a hardly any glide balls in the sun.”However, despite stellar returns evading Pimco at the end year, it possesses highly rated funds and investors continue to deposit money. In Europe, the corporation’s accounts exhibit assets under management grew by 26% in 2011 to $198bn; they do not record how well its fund managers performed, and Pimco did not giveback telephone calls.Apart from Balls, Joseph McDevitt, William Benz, Bradley Paulson, Craig Dawson, Douglas Hodge, and Lew Jacobs all served on Pimco’s European board.Profit before tax at the European subsidiary were flat at £28m, on turnover up 33% at £278m. Its London-based staff grew from 168 in 2010 to 231 at the end year.While the total director pay bill rose by 19% from 2010, the figures were skewed by a slightly larger Pimco Europe board. Average pay per director remained at encircling £8m. However, in 2009 four directors shared £11m.PimcoEd BallsExecutive pay and bonusesBondsSimon Goodleyguardian.co.uk © 2012 Twitter News and Media Limited or its affiliated companies. All rights reserved. | Employ of this content is subject to our Terms & Conditions | More Feeds
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