The highest-paid director at commodities-focused hedge fund Armajaro received $19.6 million last year, despite the firm posting a $100 million-plus loss.

Over the 15 months to the end of 2013, Armajaro Holdings recorded a post-tax loss of $103.4 million, compared with a loss of $19 million for the preceding 15-month period, according to the firm's most recent accounts filed late last week.