Elliott Advisors, the UK arm of activist hedge fund giant Elliott Investment Management, significantly boosted pay for its directors last year, despite a slight drop in revenue, according to a report by Financial News.

The report cites the firm's latest accounts as showing that the highest-paid director received £28.7m, a sharp increase from the £8.8m paid in the previous year.

Turnover at Elliott Advisors for 2023 fell to £212m, down from £225m in 2022. However, profit rose to £8.9m from £7.9m in the same period. The hedge fund has not yet commented on the pay raise.

The number of employees at the UK affiliate also saw a slight increase, with an average of 129 employees in 2023, up from 124 in 2022.

Founded in 1977 by billionaire Paul Singer, Elliott Investment Management oversees more than $69.7bn in assets, up from $65.5bn at the close of 2023. The firm employs 570 staff, with around 50% of its workforce focused on portfolio management, trading, analysis, and research across its Florida headquarters and other global offices.