Terry Smith's payout slips to £31m as Fundsmith assets and profits slide

Profits down 14%

Terry Smith’s pay slipped from last year’s record payout, as Fundsmith LLP reported a slide in profits and assets under management.

The fund manager of the UK's largest retail equity fund pocketed £31.2m in the twelve months to March, down from a record £36.4m last year, according to accounts filed in Companies House. Q&A: Terry Smith on activism, ESG and what has changed since 2010 Over the reported period, AUM at the firm fell by 7.8% to £36.4bn, down from £39.5bn during the same period last year, as a result of performance and net redemptions, while profits slumped 14% to £50m, down from £58.2m in 2022.  Turnover at Fundsmith LLP fell more than a fifth to £278.6m during the year in review, down from £358.1m....