(Bloomberg) -- Hedge fund billionaire Michael Platt improved gains at his private investment firm last year, joining a group of traders who posted double-digit returns in a year marked by soaring stocks and market swings around Donald Trump’s election win.
BlueCrest Capital Management gained 38%, a person with knowledge of the matter said, asking not to be identified because the details are private. The returns are net of all fees and expenses and better than gains of 20% in the prior year. Platt gave back capital to outside investors in 2016 to focus on managing his own wealth and that of his partners.
Platt, one of Britain’s richest people, is known for using a heavy dose of leverage to supercharge returns at his firm, producing some of the best trading profits in the world. He has rapidly expanded his wealth since he handed back about $7 billion that BlueCrest ran for clients, with his net worth estimated at $9.8 billion by the Bloomberg Billionaires Index.
It’s not clear how much money his investment firm manages now, but a court document from 2022 described BlueCrest running some $3.9 billion and allocating $15 billion in trading power to its managers.
Last year brought huge gains at many hedge funds that bet on the so-called Trump trade — long stocks and the dollar, short bonds — as November’s presidential election played out.
Rokos Capital Management, run by London-based Chris Rokos, was up 30.7% through Dec. 27, while Rob Citrone’s Discovery Capital Management jumped 52% last year and Zach Schreiber’s PointState Capital rose 47.9%, Bloomberg News has reported. Jeff Talpins’s Element Capital Management gained 22.4%.
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