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Kerry hedge fund paid top partner €42m last year

Comac Capital, the London hedge fund headed up by Kerryman Colm O'Shea, paid its top earner €42.4m last year.

Comac was one of a tiny minority of hedge funds and investors that called the stock market right in 2007 and 2008, making a massive profit from shorting US Treasury bonds.

The firm is also thought to have coined it as the euro debt crisis threatened to spiral out of control.

However, Comac's macro fund is thought to have slipped this year.

The hedge fund has more than €6bn in assets under management. Recently it landed a plum deal to manage a chunk of the Ohio state pension fund.

The hedge fund partners shared around €54m with "the member entitled to the highest profit share receiving stg £33.89m (€42.4m)", according to filings. The nine other partners shared the rest of the windfall.

The payouts were smaller than the massive cheques earned during the stock market wobbles of 2009.

More than €111m was divided up between the firm's six members at the end of 2009, "with the member entitled to the highest profit share allocated £74.6m" or more than €85m.

O'Shea's family is from Kerry and he is thought to have moved to the UK at a young age.

The low-profile financier read economics at Cambridge and worked for legendary investor George Soros before setting up his own hedge fund in 2006.

While Comac is a mega payer, it falls some way off in the list of the world's most highly paid hedge funds. Last week's Forbes Top 400 American's pegged hedge fund boss John Paulson's wealth at over $11bn, with Ray Dalio, of Bridgewater Associates, thought to be worth $10bn.

Sunday Indo Business