London's hedge fund community may have had a torrid time last year but at least its favoured charity, Arki Busson's ARK (or absolute return for kids), has shown the way in moneymaking. In the year to August 2008, its income rose from £32.7 million to £40.2 million. Furthermore, hedge fund turmoil is not expected to affect the levels of pledges. ARK acknowledges that "the level of outstanding donor pledges is considered to be one of the charity's key risks" but that all funding pledges "due for payment have been received to date." So hats off to the generous hedgies and let's hope that spirit continues.

* WHAT'S all this about “City” bonuses? Xstrata chief Mick Davis received a pay package totalling £14 million last year, or 424 times the average salary paid to Xstrata employees. When City Spy last looked, Xstrata was a mining company, not a bank.

Freshfields buries good news?

FRESHFIELDS, the Magic Circle law firm, surprised most sector watchers by releasing its annual results at 4pm last Thursday. A cynic might suggest it was to avoid getting much Press coverage — fearing the inevitable backlash as they proved the old adage that lawyers always win.

Freshfields reported a 9% rise in turnover to £1.29 billion, pushing rival Clifford Chance into second place. Chief executive Ted Burke seemed somewhat embarrassed at the results, saying in the firm's statement that Freshfields was “fortunate to have come through a challenging year in relatively good shape” and stressing that the performance had been boosted by currency fluctuations.

So that was his excuse for the junior lawyers and support staff who had their pay frozen in February, which was said to be in preparation for a drop in fee income.

Shriti's happy to be Spectator

EASYJET mogul Stelios Haji-Ioannou and former Carphone Warehouse director David Ross were among the business faces at The Spectator summer party, along with the usual heavy sprinkling of Tory MPs, including David Cameron.

But shadow chancellor George Osborne was notable by his absence. News that the Commons was officially investigating his expenses had apparently deterred Osborne, who would have been keen to avoid being snapped living it up with champagne glass in hand. No such worries for a surprisingly jolly business minister Baroness Vadera, known as Shriti the Shriek in Whitehall because of her famed tantrums, who worked the packed garden, overlooking St James's Park. “She must be looking for green shoots,” said one wag. Vadera even posed up for the cameras with Mayor Boris Johnson, regarded as a sworn enemy by her mentor Gordon Brown.

* BBC business editor Robert Peston was also among the Speccie throng — along with nearly a dozen Beeb presenters and high-ups, including chairman Sir Michael Lyons. Naturally, all the chatter was about BBC pay and expenses. While executive salaries have been published, so far the pay of leading presenters and reporters has been kept secret. City Spy couldn't help overhearing Peston being quizzed by a clutch of female admirers about whether he is in the top 100 best-paid talent. Don't worry, Robert, your secrets are safe...

* IN Paddy Power's betting as to who will succeed Sir Stuart Rose at Marks & Spencer, the bookmaker has Justin King out in front at 3-1. The Sainsbury's boss is followed by internal candidates Ian Dyson (4-1), Steve Rowe (6-1) and Kate Bostock (8-1). One dark horse, worth a flutter, might be Andy Bond. The Asda chief is quoted at 20-1.

* BUT perhaps Bond is not such a long shot after all. Retail Week asked the same question of its readers and while King again came top, with 27% of the poll, the man from Asda was a comfy second with 18%...

* SIR Alan Sugar is to be dropped as the face of National Savings & Investments advertising campaign. Lord Myners, the Treasury minister, has disclosed that it wasn't felt compatible with the Amstrad king's new position in the Government. What a relief!

Loyal Vijay has been so loyal to Stanford —until now

ALLEGED fraudster Allen Stanford has finally lost his most loyal fan. Vijay Singh, formerly the world's top-ranked golfer, defiantly sported a cap adorned with his sponsor Stanford Financial's logo at last month's US Open, even when other sports stars dropped his name.

Singh even offered to pay some of the $500,000 bail that was set for Stanford. That offer was disallowed, since Singh is not an American citizen — and with the Texas financier now banged up in prison, Singh has just swapped his cap for one adorned with golf brand Cleveland Golf.

* The pubs business might be drying up, with six closing every day, but all those fittings have to go somewhere — and enterprising salesmen are flogging antique pubs and bars as the perfect addition to a home. One website, Red Baron's Antiques, is auctioning off entire pub fittings, including “The Old Bank of England mahogany pub bar with bronze bank door, fine carvings and etched glass” and a “Brighton Pub bar” with “fantastically carved mahogany canopy bar, reverse glass panels and swinging doors”. Apparently, there is quite a demand — especially from anglophile pub-lovers in America.