Moore Capital Management LLC founder Louis Moore Bacon topped the Sunday Times list of the 25 wealthiest U.K.-based hedge fund managers in an annual estimate of net worth known as the “Rich List.”
The wealth of U.S.-born Bacon, 53, nearly doubled to an estimated 1.1 billion pounds ($1.7 billion), up from 650 million pounds a year ago, according to a copy of the newspaper’s rankings, which will be published on April 25. Robert Miller, chairman of Hong Kong-based fund of hedge funds Sail Advisors, ranked No. 2 among hedge fund managers, with 950 million pounds.
Several top managers on the list have set up operations outside the U.K. ahead of a rise in the U.K.’s top tax rate this month, a general election next month and before the imposition of new European Union hedge fund rules. Alan Howard, co-founder of Brevan Howard Asset Management LP, who ranked third with a fortune estimated at 875 million pounds, and Michael Platt, co-founder of BlueCrest Capital Management Ltd., who was fifth at 375 million pounds estimated wealth, have both opened offices in Geneva.
“There’s obviously a reaction to what’s happening on U.K. taxation and concerns about what government we may end up with after May 6 in the U.K.,” Ian Coxon, editor of the Sunday Times list, said in a telephone interview yesterday. “Still, quite a few who have said they would go haven’t yet.”
Nathaniel Rothschild, seventh on the list with a fortune estimated at 330 million pounds, said London is facing problems.
‘Weathered the Storm’
“Not to put the boot into London, where I used to live, but what does London have to offer today?” Rothschild said in a January interview with Bloomberg News. “50-percent tax, a left-wing government, a banking system in disarray.”
About 50 hedge fund managers and traders made the list of the top 1,000 wealthiest on the paper’s main Rich List, “the most in recent years,” said Coxon. Bacon ranked 49th among the overall list.
The top three managers increased their net worth by a combined 1.15 billion pounds in the year, with Howard, 46, of Brevan Howard, more than doubling his wealth, Coxon said.
“He’s weathered the economic storm better than anyone else,” said Coxon. “His funds have continued to do well despite the headwinds.”
The Sunday Times bases its estimates on public records, real estate and other asset holdings, and public valuations where available. Coxon said the estimates are “conservative.” The list includes Britons and non-British citizens whose U.K. businesses contributed to their fortunes.
Spokespeople for Brevan Howard, Moore and BlueCrest declined to comment yesterday. A spokesman for Sail Advisors couldn’t be reached for comment.
Below is the Sunday Times list of the top 10 wealthiest managers in British pounds, along with their estimated wealth a year ago.
2010 2009 Louis Bacon Moore Capital 1.1 billion 650 million Robert Miller Sail Advisors 950 million 750 million Alan Howard Brevan Howard 875 million 375 million David Harding Winton Capital 430 million 382 million Michael Platt BlueCrest 375 million 250 million William Reeves BlueCrest 375 million 250 million Nathaniel Rothschild Atticus 330 million 330 million Stephen Butt Silchester 300 million 290 million Michael Hintze CQS UK 300 million 210 million Paul Marshall Marshall Wace 300 million 200 million Ian Wace Marshall Wace 300 million 200 million