Winton Annual Profit Doubles After Biggest Fund Beat CompetitorsJesse Westbrook
Winton Capital Management Ltd., the $25.5 billion hedge fund firm founded by Cambridge-educated physicist David Harding, said full-year profit more than doubled after its main fund outperformed competitors.
Earnings rose to 149.7 million pounds ($254 million) from 58.6 million pounds in 2012, the London-based firm said in a filing to U.K. Companies House today. Winton, which makes most of its money from taking a share of its funds’ investment gains, said revenue jumped 69 percent to 325.5 million pounds.
Winton’s $10.4 billion Futures Fund, which uses computers to spot profitable trades in commodities, currencies, bonds and stocks, rose 9.4 percent in 2013, according to performance reports from the firm. Similar funds rose an average of 0.73 percent in the period, according to The Newedge CTA Index, hurt by the sudden sell-off in bonds triggered by the U.S. Federal Reserve’s hints it would curtail its monthly debt purchases.
Robin Eggar, a Winton spokesman, didn’t immediately return a telephone call or an e-mail seeking comment.
Winton, the fourth-biggest hedge-fund firm in Europe by assets, employs more than 90 scientific researchers and software developers, including Harding, 52. The firm plans to start new funds, open more offices outside the U.K. and add staff, according to the filing.
The Winton Futures Fund has climbed 1.3 percent so far this year, a company performance report shows. The fund has produced an average annual gain of about 14 percent since it started trading in 1997.