Chris Hohn's TCI reveals a 73 per cent jump in profits

David Hellier
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THE activist hedge fund firm TCI, which is run by Chris Hohn, has seen profits surge 73 per cent, according to accounts published yesterday.<br /><br />The Children&rsquo;s Investment Fund Management (UK) LLP reported profit available for sharing among members of &pound;555.8m for the year to end-August 2008, up from 320.8m a year before. <br /><br />The firm paid &pound;484.3m to its charity CIFF (The Children&rsquo;s Investment Fund Foundation), up from &pound;271.4m a year before.<br /><br />TCI is best known for its role in the demise of the Dutch bank ABN Amro. When it lobbied for change in the management of the bank in 2007, its intervention led to a contested takeover bid between RBS and Barclays Bank, with RBS winning the day but ruing the consequences thereafter.<br /><br />Founder and controlling partner Hohn saw his pay more than double to &pound;1.7m, while remuneration to other members fell to &pound;44.3 m from &pound;48.9m.<br /><br />Hohn warned: &ldquo;Current market conditions will have a material impact on the income stream of the partnership over the following 12 months.&rdquo;