Britain’s richest hedge fund managers – BlueCrest’s Michael Platt soars, while Crispin Odey suffers

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.

Source: City AM

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