Howard Is Wealthiest U.K. Fund Manager, Times SaysChris Larson
Alan Howard, co-founder of Brevan Howard Asset Management LLP, saw his personal fortune climb to 1.5 billion pounds ($2.3 billion) during the past year, keeping him at the top of the annual Sunday Times list of the wealthiest U.K. hedge fund managers.
His net worth rose an estimated 100 million pounds in the past year, according to the Sunday Times, which will publish its full “Rich List” of the 1,000 wealthiest people and families in Britain and Ireland on April 22. Sixty-one hedge fund managers worth at least 75 million pounds were on the list.
“With a few exceptions, they’ve all done pretty well,” said Philip Beresford, who compiled the list for the newspaper. “It shows that, once they reach the elite, they tend to stay there. Hedge funds are here to stay, and they’re here to stay on the Rich List as they continue to make money.”
Brevan Howard’s $27.8 billion Master fund, a macro hedge fund that wagers on currencies, interest rates and commodities, earned its clients $800 million last year, LCH Investments NV estimated in a report last month. The average macro fund fell 0.8 percent in 2012, according to data compiled by Bloomberg.
Winton Capital Management LLC’s David Harding, 51, fell to fifth position from third in 2012, with his estimated wealth declining to 700 million pounds from 800 million pounds, according to the survey. His $10 billion computer-driven Winton Futures Fund Ltd. fell by 3.5 percent last year.
Michael Hintze, 59, of CQS U.K. LLP, ranked fourth, up from fifth in 2012, with his personal estimated wealth at 900 million pounds, up from 580 million pounds. Michael Platt of BlueCrest Capital Management LLP saw his wealth climb by 300 million pounds to 900 million pounds, ranking him third.
Platt, 45, and Howard, 49, remain on the Sunday Times list even though they both moved to Switzerland in 2010 as the U.K. prepared to increase tax rates on high incomes. Their moves led to predictions that other U.K. hedge-fund managers would follow.
“That hasn’t really happened,” Beresford said. “London does still have that pull. There just haven’t been the huge defections that some were expecting.”
New entrants to the list this year include Ewan Kirk, 52, chief investment officer of Cantab Capital Partners LLP. Kirk’s personal net worth is estimated at 280 million pounds. Cantab, which uses computers and mathematical algorithms to decide on trades, oversees $4.7 billion after gaining 15 percent last year, according to a letter Kirk sent to investors in January.
Michael Cohen also appears on the list for the first time this year, with an estimated 300 million pounds. Cohen, 41, stepped down as head of European investing for Och-Ziff Capital Management Group LLC at the end of March.
The hedge fund managers, or their spokesmen, either declined to comment or could not be reached.
Still, British hedge-fund managers’ assets trail the U.S. industry, where annual pay packages worth hundreds of millions of dollars are not unheard of, according to Beresford.
“The list shows just how poor the British hedge-fund managers are, when compared to those on Wall Street,” he said. “They really have just a fraction of the wealth of Wall Street. They are the paupers of the hedge-fund world.”
The Sunday Times list of the wealthiest people in Britain and Ireland is based on information available in the public record, including real estate, shares in publicly traded companies and art holdings. The estimates exclude bank accounts.
Below is the Sunday Times list of the 20 wealthiest hedge fund managers along with their estimated wealth in pounds.
Individual Firm 2013 2012 Alan Howard Brevan Howard 1.5b 1.4b Alexander Knaster Pamplona Capital 1.1b 890m Michael Platt BlueCrest 950m 650m Michael Hintze CQS 900m 580m David Harding Winton Capital 700m 800m Crispin Odey Odey Asset Management 450m 455m Martin Hughes Toscafund 375m 250m John Beckwith Rivercrest Capital 350m 350m Yan Huo Capula Investment 330m 200m Michael Cohen Och-Ziff 300m -- Andy Hall Astenbeck Capital 300m 260m Steven Heinz Lansdowne Partners 300m 270m Paul Ruddock Lansdowne Partners 300m -- Osman Murgian Winton Capital 286m -- Ewan Kirk Cantab Capital 280m -- Paul Marshall Marshall Wace 275m 315m Ian Wace Marshall Wace 275m 315m Greg Coffey GC Macro Fund 260m 260m Chris Levett Clive Capital 250m 250m Pierre Lagrange Man Group 240m 224m