Executive at leading medical charity was paid more than £3m last year

According to the latest accounts of the Wellcome Trust, one unnamed person was paid up to £3,059,999 in the year to September 2016

Wellcome Trust
Wellcome Trust

A member of the Wellcome Trust’s internal investment team was paid more than £3m last year, the charity’s latest accounts show.

The grant-maker’s annual report and financial statements for the year to 30 September 2016, which were released on the trust’s website this week, show that one unnamed person in its internal investment team was paid between £3,050,000 and £3,059,999 over the course of the year.

Another two members of the investment team earned more than £1.7m, with a further four members of the team also earning more than £500,000, the accounts show.

Altogether, 32 members of the trust’s investment team earned more than £60,000 in the latest accounts, with 25 of those earning more than £100,000.

The report shows that total remuneration for the investment team at the charity increased from almost £4.3m in 2014/15 to approximately £6.7m last year.

The trust’s investment team is led by Danny Truell, its chief investment officer, with Nick Moakes and Peter Pereira Gray recently promoted to managing partners, a statement from the trust said.

It would not confirm whether Truell was the recipient of the £3m salary.

In a statement, the Wellcome Trust said that the investment team "are remunerated in line with normal practice in the asset management sector", with base salaries supplemented by "significant variable elements which are based directly on the performance of the portfolio", such as annual bonus or long-term incentive plans.

The statement explained that payments to members of the investment team are based upon investment returns and individual performance over a three to five-year measurement period.

The trust’s portfolio returned £3.5bn last year and has returned more than £13.5bn in the past eight years, the statement said. The annual report shows the trust spent £992.3m on charitable activities in the year to 30 September 2016.

The trust said that the decision to bring its investment team in house had saved it "hundreds of millions of pounds" in fees that would otherwise have been paid to external investment managers.

Jeremy Farrar, director of the Wellcome Trust, said: "By paying our outstanding investment team in a way that is competitive for the sector and linked to portfolio performance, Wellcome gets better returns and has more to spend on our charitable mission of improving health."

The charity had an income of £390m and spent £1.2bn in 2015/16, the accounts show. Income was £438.7m in the previous year, and spending remained about the same.

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