Pimco Europe, the European arm of the world’s largest fixed-income manager, and the asset manager that employs the brother of shadow chancellor Ed Balls, paid its top executive £30m ($49m) last year.

The unnamed manager received a pay package of £29.9m for the year ended December 31, 2011, 17% higher than the one Pimco Europe handed its top earner in 2010. This came despite a fall in profits at the group, according to company filings at Companies House today.