Superwoman does it again with £6m
CITY Superwoman Nicola Horlick is collecting a £6m payout from SG Asset Management, the firm she founded four years ago. Horlick, 40, who combines her career with bringing up a brood of children, is also becoming chief executive in a management reshuffle.
Horlick set up SGAM, 70% owned by French bank Societe Generale, four years ago following her acrimonious departure from her former firm, Deutsche Morgan Grenfell. Her fellow top managers Keith Percy, who is to become chairman in the management revamp, and John Richards are also in line for £6m payouts. Each of the three owns 8%.
Under a special deal with Soc Gen, they can cash in their holdings in four tranches of around £1.5m. The first tranche became due late last year. The remainder will be paid out in three annual slices each June until 2004. The trio stands to make at least as much again if they stay with SGAM to 2009.
SGAM has attracted £8bn of savers' cash, ahead of its target. The group, whose advertising features Horlick heavily, has also drawn in 50,000 small investors. But critics are unimpressed with Horlick's investment performance. James Calder, of research group Bestinvest, said: 'She gets a lot of publicity, but her track record is not that great.'
The firm has also suffered a string of defections among its senior managers. Dino Fuschillo and Peter Seabrook recently left and Jane Simmonds resigned for personal reasons.
Horlick plans to spread share incentives more broadly to help keep staff loyal. The share payouts to the top directors come on top of big salaries and bonuses.
According to SGAM's latest accounts, the highest paid director, thought to be Keith Percy, received £659,142 plus a £30,000 contribution to his pension.
