Michael Platt, the co-founder and managing director of BlueCrest Capital, has retained his status as Britain’s richest hedge fund manager.
The Preston-born hedge fund manager’s wealth has grown by £300m in the past year, extending his lead over rivals in the industry. Platt now has an estimated wealth of £2.4bn.
BlueCrest, which Platt founded along with William Reeves, who has retired from the firm to Hawaii, now only handles the wealth of partners and members, having called time on managing the money of outside clients last year.
The strategy appears to have paid off. The fund reported a 50 per cent gain during 2016 and Platt has consolidated his place as the wealthiest hedgie on the 2017 Sunday Times Rich List, the definitive guide to wealth in the United Kingdom, which is published this Sunday, 7 May.
In stark contrast to the soaraway success of BlueCrest, £6.5bn hedge fund Odey Asset Management lost 49.5 per cent of its value during 2016. Its founder Crispin Odey bet against the UK economy after the Brexit vote, despite being a prominent Leave campaigner.
Odey and his wife, Nichola Pease, saw their wealth decrease by £125m to £775m during the year, leaving them in seventh place.
“Brexit created some golden opportunities for the hedge fund world – and some massive pitfalls,” said Robert Watts, compiler of the Sunday Times Rich List.
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|Name||Hedge fund||2017 wealth||Wealth increase/ decrease|
|1||Michael Platt||BlueCrest Capital||£2.4bn||Up £300m|
|2||Robert Miller and Princess Marie-Chantal and family||Search Investment Group||£1.58bn||No change|
|3||David Harding||Winton Group||£1.3bn||Up £150m|
|4||Sir Michael Hintze||CQS||£1.28bn||No change|
|5||Alan Howard||Brevan Howard||£1.04bn||No change|
|6||Sir Chris Hohn||TCI Fund Holdings||£820m||Up £100m|
|7||Crispin Odey and Nichola Pease||Odey Asset Management||£775m||Down £125m|
|8||Chris Rokos||Brevan Howard/Rokos Capital Management||£700m||Up £40m|
|9||John Armitage||Egerton Capital||£540m||Up £40m|
|10=||Sir Paul Marshall||Marshall Wace||£505m||Up £40m|
|10=||Ian Wace||Marshall Wace||£505m||Up £40m|
Below Platt in the hedgie rich list came Search Investment Group’s Robert Miller, Princess Marie-Chantal and family (£1.58bn, no change), Winton Group’s David Harding (£1.3bn, up £150m), CQS founder Sir Michael Hintze (£1.28bn, no change), Brevan Howard’s Alan Howard (£1.04bn, no change) and Sir Chris Hohn, head of the Children’s Investment Fund (£820m, up £100m).Overall, the wealth of the top 10 hedge fund managers totalled close to £11bn, with more than £500m added to their collective wealth in the last year.
Coming behind Odey were Chris Rokos, formerly of Brevan Howard, now of Rokos Capital Management (£700m, up £40m), John Armitage of Egerton Capital (£540m, up £40m) and, in joint 10th place, Sir Paul Marshall and Ian Wace, founders of Marshall Wace (both £505m, up £40m).
Watts said: “Almost all of this group escaped the turmoil with their reputations and finances intact. It will be interesting to see how many hedgies in our list follow Michael Platt’s lead and quit managing other people’s money – and choose only to manage their own fortunes.”