NEW YORK, JUNE 8 -- The 10 highest-paid Wall Street professionals earned an average of $68.8 million in 1986, with investment banker Michel A. David-Weill topping them all at $125 million, Financial World magazine estimates.
The magazine said today the average salary of the top 10 was up by $17.7 million over 1985, in a year in which the stock market engaged in a record rally and corporate mergers and acquisitions took place at a hefty pace.
Financial World, in a story for its July 14 edition, compiled a list of what it believes to be the 100 highest paid Wall Street professionals, who include executives, investment bankers, money managers and traders.
David-Weill, a senior partner at the investment banker Lazard Freres & Co., topped the list with an estimated $125 million in earnings during 1986.
David-Weill earned the money from his stakes in the firm's operations in Paris, London and New York, the last of which was believed to have had record profits last year, the magazine said.
During the year, Lazard Freres served as an adviser to Burroughs Corp. in its $4.8 billion merger with Sperry Corp.; represented RCA Corp. in its $6.5 billion merger with General Electric Co., advised ITT Corp. on a $1.25 billion divestiture and handled four initial public offerings totaling $1.37 billion, Financial World reported.
Others on the top 10 included:
George Soros, president of Soros Fund Management, $90 million to $100 million.
Richard Dennis, partner of C&D Commodities, $80 million.
Michael Milken, senior vice president of Drexel Burnham Lambert Inc., up to $80 million.
Morton Davis, chairman and president of D.H. Blair & Co., $60 million to $65 million.
Jerome Kohlberg, partner of Kohlberg Kravis Roberts, $50 million.
Henry Kravis, partner of Kohlberg Kravis Roberts, $50 million.
George Roberts, partner of Kohlberg Kravis Roberts, $50 million.
Raymond Chambers, president of Wesray Capital Corp., $45 million to $50 million.
William Simon, chairman of Wesray Capital Corp., $45 million to $50 million.
Missing from the 1986 list was the previous year's leader, arbitrageur Ivan F. Boesky, who earned an estimated $100 million in 1985. Boesky agreed in November to pay $100 million in penalties to settle a government complaint that he engaged in illegal insider trading and in April pleaded guilty to one count of violating federal securities law.