Shacklock is highest earning UK banker - survey

Tim Shacklock, the chief executive of the corporate finance boutique Gleacher Shacklock, was the best paid investment banker in the UK over the past year, according to The Sunday Times

newspaper.

The paper's list of the top 500 earners in the UK ranked Shacklock, a former deputy chairman of Dresdner Kleinwort Wasserstein, in 27th place with an estimated income of 25.8m (€37m).

Other bankers in the list included Michael Sherwood, head of European fixed income, currencies and commodities at Goldman Sachs, in 52nd place.

Sherwood's earnings were estimated at 14.4 million, including sales of Goldman stock.

Financial services entrepreneurs also lined their pockets in 2003. Richard Walter, founder of Walter Capital Management, a fund management firm, earned an estimated 14m, to rank in 54th place.

Harvey McGrath, non-executive chairman of the Man Group, another hedge fund,

ranked 86th. McGrath made 7m buying and selling shares in the company in

January and June. Other senior Mann executives, Stanley Fink, Stephen Nesbitt, Peter Clarke and Kevin Davis also featured lower down the list.

Michael Spencer, founder of Icap, the world's largest interdealer broker,

earned an estimated 6.9m and ranked 105th. Spencer earned a

3.7m salary and dividends worth 3.2m.

Walter Scott, founder of Walter Scott and Partners, an Edinburgh-based fund

manager ranked 137th, with earnings of 5.7 million.

Earnings were calculated by adding cash income, income from dividends, money earned from share sales and cashing in options, and cash from selling companies.