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LONDON, Dec 16 (Reuters) – Boutique investment bank Robbie Warsaw split 30 million pounds ($37 million) of profit among its four partners in the year to March 2022, with former British finance minister George Osborne taking a slice of the lucrative pot. the first time.
Rob Warshaw’s profit was flat from a year earlier after the pandemic hit dealmaking and split salaries and profit shares among the firm’s partners, according to company accounts reviewed by Reuters on Friday.
Since being founded in 2013 by dealmakers Simon Robbe, Philip Apostolides and Simon Warshaw, Robbe Warshaw has established itself as a lead adviser to FTSE 100 companies such as HSBC and Vodafone.
Osborne – who has held various roles since leaving government, including editor of The Evening Standard newspaper – joined as a fourth partner in April 2021.
The bumper payouts for a small advisory firm show how some small so-called ’boutique’ investment banks are thriving, although the accounting period goes back to before the market chaos caused by Russia’s invasion of Ukraine.
The firm’s highest-paid partner – widely reported to be ex-Morgan Stanley dealmaker Simon Robbe – earned 17.2 million pounds a year, up from 20.1 million pounds previously.
The bank had just 13 employees, unchanged from the previous year, who were paid a total of 7.7 million pounds, down from 7.9 million.
Deals during the reporting period included advising insurer RSA on its £7.2 billion takeover of Canada’s Intact and Denmark’s Tryg.
Recent roles include advising HSBC ( HSBA.L ) in its defense against a break-up push by its biggest investor, Chinese insurer Ping An, and advising Vodafone on its planned 6 billion pound sale of its stake in Vantage Towers.
Rob Warshaw also represented an investment group led by American businessman Todd Bohley on its £4.25 billion takeover of Chelsea Football Club in May, with Chelsea fan Osborne playing a key role in winning the mandate, according to a source familiar with the matter.
($1 = 0.8218 pounds)
Reporting by Ian Withers, additional reporting by Lawrence White, editing by Louise Havens
Our Standards: The Thomson Reuters Trust Principles.
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