Elliott Advisors’ earnings rise as firm eyes modest expansion

 
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ON-BASED hedge fund adviser Elliott Advisors UK (EAUK) has said its turnover was steady last year, following several turbulent years in the wake of the financial crisis.

EAUK, whose sole client is the activist US hedge fund Elliott Management, said revenues in 2012 fell from £52.6m to £50.7m and profit after tax rose from £1m to £1.6m.

While the Companies House accounts do not reflect the hedge fund’s investment performance, EAUK predicted “modest growth in staff numbers” this year, having expanded from 42 to 47 employees during 2012.

The highest-paid director, who was not named in the accounts, was awarded £2.7m, down substantially from the £7.6m paid out in 2011 and the £16m payment made in 2009.

EAUK has three directors: Keith Horn, chief operating officer at Elliott Management; Jon Pollock, chief trading officer; and Gordon Singer, senior portfolio manager and the son of founder Paul Singer.

The company sold the last of its most notable UK holding, a 20 per cent stake in transport group National Express, during the summer. The disposal marked the end of a two-year battle that saw Elliott win boardroom seats and push for strategic change.

Elliott Management’s funds look after $22bn-worth of investments.