Belfast Telegraph

Hedge fund manager's fortune falls £200m amid profits plunge

Hedge fund manager Crispin Odey has seen his personal fortune plummet by £200 million, turning him from billionaire to millionaire.

Mr Odey suffered a sharp decline in wealth to £900 million after profits tumbled at his hedge fund, Odey Asset Management, according to the Sunday Times Rich List.

His salary was also slashed from £31.8 million to £16 million as profits plunged to £84.1 million last year, down from £174.2 million the year before.

But in a contrast of fortunes, Michael Platt emerged as Britain's richest hedge fund manager, as the BlueCrest Capital chief amassed a fortune of £2.1 billion, the study said.

Mr Platt moved to the top of the pile after seeing his wealth lift by £600 million.

His rise comes after Alan Howard, co-founder of Brevan Howard, slipped from joint top of the list to fourth place.

The research found that Mr Howard had seen his wealth shrink by £460 million to £1.04 billion after the Brevan Master Fund fell 1.99% in 2015, with firm-wide assets under management nearly halving in two years to 23.7 billion US dollars (£16.5 billion).

Mr Odey, who is backing Britain to leave the European Union, made a 22% loss in his one-billion-euro (£694 million) Odey European Fund in the first two weeks of March after failing to score on a number of big bets.

The outspoken hedge fund boss has also financially backed the Vote Leave group, which is pushing for Brexit, but said the funds he donated did not amount to a "lot of money".