Fundsmith boss Terry Smith took home almost £32mn this year, a drop of more than £5mn on the previous year.
It comes as profits fell to £50mn, an £8mn drop compared with 2022, according to accounts filed with Companies House.
In the year to March 31, 2023 funds under management dropped by more than £3bn from £39.5bn to £36.4bn.
The accounts show that the profits handed to the member with the largest entitlement fell to £31.2mn from £36.4mn in 2022.
Smith, 70, is also likely to have profited from the £185.7mn paid by Fundsmith LLP to Fundsmith Investment Services Limited, based in Mauritius.
The company was incorporated in 2014 and acts as the investment manager for the Fundsmith Equity fund.
In 2022, the firm paid £251mn to the Mauritius-based company.
Morningstar data from September shows despite having £185mn of outflows during the month, it remained the largest fund in the UK at £23bn in size.
tara.o'connor@ft.com
What's your view?
Have your say in the comments section below or email us: ftadviser.newsdesk@ft.com
