Michael Platt’s fortune extends by a further £700m over the last 12 months, which is £1.9 million a day including weekends! Mike Platt is the co-founder of London-based BlueCrest Capital Management. Mike Platt is the UK’s richest hedge fund manager with a net worth of £3.7bn, according to 2019 Rich List, published by The Sunday Times on May 12.
“Michael Platt’s fortune extends by a further £700m over the last 12 months, which is £1.9 million a day including weekends!”
Mike Platt’s fortune extends at a time when many hedge funds have been returning lackluster profits for their investors.
Mike Platt focuses on managing his own wealth rather than third-party funds.
BlueCrest Capital Management returned alpha profits for its investors in 2015 of 30% and again in 2016, it managed a 50% return on investment.
But for Michael Platt, the ‘two-and-20’ fee model just isn’t enough to be worth his while. Put another way Michael Platt has opted to do without outside money. He now has all skin in the game and he has opted to go it alone.
“I once hired a trader who would wake up every Sunday morning in London and play online poker against drunk US players. The fact that they were drunk provided him a natural edge”
Mike Platt’s fortune extends along with a number of other top UK hedge fund managers
1) Michael Platt, BlueCrest, £3.7bn (Up £700m)
2) Robert Miller and Princess Marie-Chantal, Search Investment Group, £2.2bn (Up £200m)
3) Sir Michael Hintze, CQS, £1.5bn (Up £120m)
4) Sir Chris Hohn, TCI, £1.2bn (Up £200m)
5) Alan Howard, Brevan Howard, £1.04bn (Up £30m)
6) David Harding, Winton, £1.02bn (Up £20m)
7) Crispin Odey and Nichola Pease, Odey Asset Management, £775m (Up £25m)
8) Chris Rokos, Rokos Capital Management, £775m (No change)
9) Ross Turner, Pelham Capital, £626m (Up £326m)
10) John Armitage, Egerton Capital, £600m (Up £60m)
“You find that analysts and economists have big egos, which just gets in the way of making money because they can never admit that they are wrong” – Mike Platt
The clue to why Mike Platt’s fortune extends could probably be found in what qualities the billionaire hedge fund manager looks for in a trader
Mike Platt hires traders who look for an edge.
“I once hired a trader who would wake up every Sunday morning in London and play online poker against drunk US players. The fact that they were drunk provided him a natural edge”.
Platt also pointed to the fact that a good analyst or economist is unable to make as much money off his idea as Platt could. That’s because they are “dogmatic” and always feel as though they need to be right. He told Jack Schwager that “You find that analysts and economists have big egos, which just gets in the way of making money because they can never admit that they are wrong”.
Dan Loeb targets Sony. Dan Loeb is an activist investor and founder of Third Point, which oversees about $14.5 billion in assets.
Last year the activist investor viewed Campbell soup as a bargain when Third point reported that the soup maker could fetch a takeover value of $52 to $58 per share.
A year later and the activist investor Dan Loeb targets Sony
Dan Loeb's activist hedge fund Third Point is raising an investment vehicle to generate between $500 million and $1 billion so it can continue to buy Sony shares, according to a recent report in Reuters.