THE directors of Harbourmaster Capital, an IFSC-based investment fund, received close to €5m in salary and other pay last year.

The company, founded a decade ago, has about €8.3bn in assets and invests in senior secured loans.

Harbourmaster Capital made a pre-tax profit of about €970,000 in 2009, roughly unchanged from the previous year. Turnover for the year rose to €10.6m from €9.6m.

The company directors, though, saw their total compensation rise to €4.7m from €3.9m, according to accounts filed at the Companies Registration Office recently.

The company has seven directors, including its founders, Fabio Salvalaggio, Stewart Wilkinson and managing director Alan Kerr.

Harbourmaster Capital employed 28 people at its year end, down five from 2008. According to the accounts, its wage bill for the year rose to €6.7m from €6m, giving an average annual salary per employee of €241,000. It is owned by its directors, RIT Capital Partners and Clearbrook Capital.