Crispin Odey, the high-profile fund manager who has just lost £6m for his Odey European Income hedge fund on a stake in Railtrack, paid himself £3.5m (€5.6m) in the year to May 31, according to company accounts.

As an added bonus, Odey Asset Management, Odey's own hedge fund operator, has just celebrated a big win over the Inland Revenue in a row over a tax avoidance scheme.