Michael Platt net worth 2023: Michael Edward Platt is a British billionaire hedge fund manager. He is the co-founder and managing director of BlueCrest Capital Management, Europe’s third-largest hedge-fund firm which he co-founded in 2000.
Michael Platt net worth and Biography
|Net worth||$10 billion|
|Date of birth||12 December 1968|
|Occupation||Hedge Fund manager|
As of 2023, Michael Platt net worth is valued at $10 billion making him one of the richest people in the UK. He is Britain’s wealthiest hedge fund manager according to the Bloomberg Billionaires Index
Platt was born in Preston, Lancashire, England in 1968. His father taught civil engineering at the University of Manchester. His mother was a university administrator. His grandmother, whom he has described as “a serious equity trader,” introduced him to investment. She “helped him buy stock in trust savings banks that were selling shares to the public.” At 14, he invested £500 in a shipping line, Common Brothers, that soon tripled in price. Some of his first investments were in Britain’s newly privatised utilities.
He studied civil engineering at Imperial College London, but after a year, switched to mathematics and economics at the London School of Economics, from which he graduated in 1991.
Platt started in the City after his grandmother gave him some shares in which to invest and he discovered he had a talent for investing.
He joined JP Morgan in 1991. Platt assumed responsibility for developing JP Morgan’s swaps and options trading business in April 1992, and in April 1996, became the head of trading for all swaps products relating to the 11 founding states of the European single currency, the euro. In 2000 Platt co-founded BlueCrest Capital Management LLP, with William Reeves.
Platt founded BlueCrest Capital after the stock market crash in 2007.
In 2013, BlueCrest invested $50 million in Meredith Whitney’s hedge fund, Kenbelle Capital. In October of that year, BlueCrest made a redemption request, but while Kenbelle said it would comply, no repayment was forthcoming. The next year, BlueCrest sued in Bermuda to get its money back from the firm. In 2015, Whitney closed up shop and paid back all her investors, including BlueCrest.
As of 2014, BlueCrest was Europe’s fourth largest hedge fund. In that year, it managed over £30 billion and employed 350 people. BlueCrest initially focused on trading interest rates and using computer algorithms to capture trends in bonds and commodities. In 2013 it expanded into trading equity to compete with Millennium Management LLC and SAC Capital Advisors LLP.
In 2010, he moved from London to Geneva, Switzerland to avoid increased regulation and for “better staffing options”. In 2014, it was reported that he had relocated to Jersey, along with his hedge fund, which was moving from nearby Guernsey, for tax purposes.
Michael Platt net worth
As of 2023, Michael Platt net worth is valued at $10 billion