Commodities hedge fund Clive Capital cut the pay package of its highest-paid employee by almost 50% last year, but this still amounted to an impressive £22m despite a significant fall in assets under management.

According to company accounts filed today, the highest-paid director at Clive Capital was entitled to £21.6m for the year to February 28, 2013, down from £40m over the previous 12-month period.