Brevan Howard Asset Management LLP co-founder Alan Howard’s personal fortune increased 44 percent over the past year to 1.4 billion pounds ($2.3 billion), putting him at the top of the annual Sunday Times list of wealthiest U.K. hedge fund managers.
His net worth was boosted by the 12 percent gain posted in 2011 by Brevan Howard’s biggest hedge fund, the $26 billion Master Fund. The investment performance helped London-based Brevan Howard generate $1.5 billion of fees, most of which went to Howard, 48, the Sunday Times said in a statement today.
Howard’s wealth climbed in a year during which most of the hedge fund industry struggled. Europe’s sovereign debt crisis and concern that slowing growth in the U.S. would stall led to volatile financial markets that caused the average hedge fund to lose 5.8 percent in 2011, data compiled by Bloomberg show.
“In difficult times, hedge fund managers are still surviving and prospering,” said Philip Beresford, who compiled the list for the Sunday Times. “Although they had a bad 2011, things seem to have perked up in the first quarter of 2012.”
The U.K. hedge fund manager whose wealth jumped the most last year was Winton Capital Management LLC founder David Harding, 50. The Cambridge University-educated physicist now has a personal fortune of 800 million pounds, up 95 percent from 2011, according to the Sunday Times, which will publish its full “Rich List” of Britain’s wealthiest people on April 29.
Harding’s $10.2 billion Winton Futures Fund Ltd., which relies on computer models to spot trades in futures markets, gained 6.3 percent in 2011, Bloomberg data show. Winton’s firm- wide assets have increased by about $10 billion to $29 billion since 2010, boosting Harding’s wealth because hedge funds generate fees for managing client money. The Winton Futures Fund charges a 1 percent management fee, less than the 2 percent industry standard.
Spokesmen for Brevan Howard and Winton declined to comment.
Howard and Bluecrest Capital Management Ltd. co-founder Michael Platt, 44, have remained on the Sunday Times list even though both men moved to Switzerland in 2010 as the U.K. was preparing to increase taxes for high-earners. Platt’s wealth rose 24 percent to 650 million pounds since 2011, according to the Sunday Times.
Some hedge fund managers on the list increased their net worth even though they lost money for clients last year. Crispin Odey’s Odey European Inc. fund declined 20 percent in 2011, according to Bloomberg data. His wealth rose to 455 million pounds from 453 million pounds, the Sunday Times estimated.
Coffey, Clive Capital
Greg Coffey, co-chief investment officer of Moore Capital Management LLC’s European business, lost 6.2 percent through the first 10 months of 2011 in what was previously his biggest hedge fund, people with knowledge of the matter said this month. He then gained 1.1 percent in the last two months of the year after the amount of money in his fund was reduced and he rebranded its name, according to investors. Coffey’s wealth increased to 260 million pounds from 252 million pounds, the Sunday Times said.
Clive Capital LLP founder Chris Levett appeared on the Sunday Times list for the first time this year with a net worth of 250 million pounds after his fund lost 10 percent in 2011.
The broader Sunday Times list of the 1,000 wealthiest people included 54 hedge fund managers. The newspaper bases its findings on information available in public records, including real estate, art holdings and shares in public companies. The estimates exclude bank accounts.
Following is the Sunday Times list of the top 20 wealthiest hedge fund managers in British pounds, along with their estimated wealth a year ago.
Individual Firm 2012 2011 Alan Howard Brevan Howard 1.4 billion 975 million Robert Miller Sail Advisors 955 million 1 billion David Harding Winton 800 million 410 million Michael Platt Bluecrest 650 million 525 million Michael Hintze CQS 580 million 550 million Crispin Odey Odey 455 million 453 million John Beckwith Rivercrest Capital 350 million 350 million Stephen Butt Silchester Partners 340 million 325 million Paul Marshall Marshall Wace 315 million 300 million Ian Wace Marshall Wace 315 million 300 million Steven Heinz Lansdowne 270 million 270 million Paul Ruddock Lansdowne 270 million 270 million Andrew Hall Astenbeck Capital 260 million 250 million Greg Coffey Moore Capital 260 million 252 million Martin Hughes Tosca Fund 250 million 226 million Chris Levett Clive Capital 250 million No estimate William Arah Marathon 230 million 193 million Jeremy Hosking Marathon 230 million 193 million Neil Ostrer Marathon 230 million 193 million Chris Rokos Brevan Howard 230 million 130 million
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