Equity  

Fundsmith moves £30m to Mauritius-based sister company

Fundsmith moves £30m to Mauritius-based sister company

Fundsmith, the investment firm founded by one of the most prominent names in asset management, Terry Smith, has transferred almost £30m to its sister company in Mauritius

Despite Fundsmith reporting a sharp increase in the number of customers looking to invest in its strategies, the group has seen profits fall to £2.8m at the end of March last year from the £12.6m reported in 2015.

Its full-year figures indicate the fund house moved £29.5m over to Fundsmith Investment Services Limited in Mauritius.

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Mr Smith, who founded the firm back in 2010, is thought to be the highest paid member of staff, receiving a profit share of £1.6m, a fall from the £7.3m he scooped in 2015.

Fundsmith has also seen its assets under management double over the past two years and now manages £9.3bn.

The Equity fund hit the top spot on several most popular fund lists of 2016.

Last year, Mr Smith invested £115m of his own cash into the fund, taking his personal interest in the fund to over £200m.

Over the past three years the Fundsmith Equity fund has returned 89 per cent, more than doubling the returns of the IA Global sector which has returned nearly 39 per cent over the same period, figures from FE reveal.

katherine.denham@ft.com