Goldman's five with a Midas touch

Click here for Part 1: 50-40
Click here for part 2: 39-28
Click here for part 3: 27-17.

We examine who really calls the shots in 2003, who are the people to whom the adage 'money talks' applies. It's a way of taking a snapshot of the modern City: not looking at the most powerful institutions but the individuals who count, who compel others to sit up and take note, and who genuinely have made their own fortunes.

This Is Money is counting down the top 50 every day this week. Big-hitters from giant US bank Goldman Sachs figure in part four of Evening Standard City Editor Chris Blackhurst's countdown of the Top 50 movers and shakers.

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16 Harvey McGrath, 61
£102m
Man Group

NOW chairman of Man Group, Harvey McGrath joined the quoted City-based commodity and financial trading company in 1980 from Chase Manhattan. Within six years he was on the board and in 1990 was promoted to chief executive. He moved up to the chairmanship in 2000. After a brilliant 2001 but difficult 2002, Man's shares have recovered and McGrath's stake is now worth £92m. Past salaries and dividends take him to £102m.

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15 David Blood, 44
£105m
Goldman Sachs

AN American banker, Blood heads Goldman Sachs Asset Management, part of the legendary Goldman money machine. Based in London, he has a stake that will have recovered in value in 2003 to around £100m. Share sales add £4m while past bonuses and property should easily take him to £105m.

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14 William Brown, 68 and family
£109m
Walsham Brothers

BILL BROWN is chairman of Walsham Brothers, the Lloyd's insurance broker. Best-known for his huge salaries in the early 1990s, he now earns a more modest £1.8m a year. His stake in Walsham is 25% but the family own all the shares. Walsham revealed a £2.2m loss on £39.5m sales in 2001. But the company does have net assets of £89m and we value it on that figure. We add another £20m for Brown's past salaries and property assets.

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13 Simon Robertson, 62
£115m
Goldman Sachs

SIMON ROBERTSON joined Goldman Sachs in 1997 after 33 years with Kleinwort Benson. His Goldman stake was worth £60m at the flotation in May 1999. After a difficult time in 2001-02, the shares have recently recovered to value Robertson's holding at around £100m. Share sales in recent years add £10m while past bonuses and property should take Robertson to perhaps £115m.

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11= Michael Sherwood, 37
£125m
Goldman Sachs

MICHAEL SHERWOOD is one of the key Britons at Goldman Sachs, and to prove it he joined its global management committee - just one step below the main board - late last year. Sherwood joined Goldman Sachs in 1986 straight from Manchester University and became one of its star traders. In 1993, it was reported that he received a $3.4m (£2.1m) bonus at the age of 28. He became a partner in the mid-1990s, which would have qualified him for a 0.5% stake in the May 1999 float. His stake was then worth around £87.5m. The shares dipped in late 2002 but have rallied of late and Sherwood's holding is now worth £104m. We can see around £20m of share sales in recent years, including £8m in 2000-01, £3.4m last December and £3m in February. Outside of work, Sherwood is a keen Watford supporter and sits on the board of the First Division club's parent, Watford Leisure. His stake is worth just £500,000 but Sherwood could buy the club with his spare change as he is easily worth £125m.

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11= Richard Sharp, 47
£125m
Goldman Sachs

THE SON of the late Lord Sharp, former chairman of Cable & Wireless, Richard Sharp became a partner in Goldman Sachs in 1995 and four years later was one of the winners at the bank when it floated. His stake is worth around £119m after a recent rise in the shares. A £4.6m share sale and other assets should comfortably take him to £125m.

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9 Henry Lumley, 72 and family
£138m
Edward Lumley Holdings

HENRY LUMLEY chairs Edward Lumley Holdings, a profitable EC2-based underwriting business. The Lumley family own the operation via five family trusts. Its profits rose sharply from £4.9m to £8.1m in the year to June 2002 and it has a strong balance sheet with £58.6m of net assets. The business is currently the subject of a £128.5m bid from Australian conglomerate WesFarmers and we value it on that figure, adding another £10m for other family assets and past dividends. The Aussie interest is understandable as Lumley is particularly strong in motor insurance Down Under.

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8 Peter Sutherland, 57
£145m
Goldman Sachs

A FORMER Irish attorney general and EC commissioner, Peter Sutherland chairs Goldman Sachs International out of its London office. He was a partner at the time of the 1999 float and his stake is worth about £130m after the recent rise in the shares. Goldman finds Sutherland's huge international experience and list of contacts invaluable as does BP, where he is non-executive chairman. A £9.5m share sale plus bonus payments easily take Sutherland to around £145m.

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7 Peter Cruddas, 61 and family
£150m
CMC/deal4free

SPREAD WARS broke out in the City last year when intense competition between financial bookmakers cut the spreads they charged customers. The reason for the competition was that a newcomer to the business, CMC/deal4free, had been offering narrower spreads. The new kid on the block is owned by Peter Cruddas's CMC Group, an E1-based online foreign exchange and futures dealer. Founded in 1989 by Cruddas, CMC made £3.5m profit on £18.4m sales in 2002. Although the company was reported to have been considering a £500m float in 1999, that was at the height of the bull market and values have fallen sharply since. Cruddas, who was born in a Hackney council house, owns all the business and has no need to float. We value the operation at perhaps £140m, adding £10m for other assets owned by Cruddas.

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12 John Charman, 50
£120m
Ace UK

JOHN CHARMAN, the star of the Lloyd's insurance market, looks set to make his next fortune running a new venture, Axis Speciality, set up in late 2001. Renowned for his hard work and innovative business style (such as running a 24-hour service to his clients during the 1991 Gulf War), Charman later sold his Tarquin operation to Bermuda-based Ace Ltd in 1998, netting about £70.6m in Ace shares for his stake. He ran Ace UK, the British arm of a Bermuda-based insurance company, but left in early 2001 when he had about 2.8m shares in the business. They would be worth around £48m today if he had not sold them. Charman also made £14m from share sales in 2000. Axis Speciality is looking to float with a valuation of more than £1bn. Charman's stake should be worth well over £30m, which with other assets will take him to perhaps £120m.

TOMORROW: We reveal who the six heavyweights at the top of the money pile are as our authoritative guide to the Square Mile's richest people reaches its climax.

Rules of the City Rich List