Michael Platt (financier)
Michael Edward Platt | |
|---|---|
| Born | March 18, 1968 Preston, Lancashire, England |
| Occupation | Hedge fund manager |
| Known for | Co-founder and managing director of BlueCrest Capital Management |
Michael Edward Platt (born 18 March 1968) is a British billionaire known for his role as a hedge fund manager. He co-founded and serves as managing director of BlueCrest Capital Management, which ranks as Europe's third-largest hedge fund firm[1] and was established in 2000. As reported by Forbes, he holds the title of the wealthiest hedge fund manager in the UK, with an estimated net worth of US$18 billion as of December 2024.[2]
Early life
Born in Preston, Lancashire, England, in 1968, Platt grew up in an academic family—his father was a civil engineering professor at the University of Manchester, while his mother worked as a university administrator. His introduction to investing came from his grandmother, an active equity trader, who inspired him to start investing at a young age. Early on, he purchased shares in trust savings banks and newly privatised British utility companies. At just 14 years old, he invested £500 in Common Brothers, a shipping company, which subsequently tripled in value.Cite error: The opening <ref> tag is malformed or has a bad name
Platt initially pursued civil engineering at Imperial College London but later transferred to study mathematics and economics at the London School of Economics, graduating in 1991.[3]
Early career
After receiving shares from his grandmother, Platt discovered his aptitude for investing and began his career in London's financial district. He joined JP Morgan in 1991, where he expanded their swaps and options trading division by 1992. By 1996, he was leading trading activities related to swaps on the currencies of the 11 founding members of the euro. In 2000, he partnered with William Reeves to establish BlueCrest Capital Management LLP.
BlueCrest Capital
In August 2007, foreseeing a downturn in equity markets, Platt reallocated investments from bank stocks to sovereign bonds, capitalizing on the financial crisis through a strategic "flight to quality." During the Eurozone debt crisis in 2011, he attributed the instability to political and cultural divisions alongside insufficiently capitalized banks, offering a more optimistic perspective on the economic outlook for the U.S. and Germany.
By December 2015, Platt announced that BlueCrest would return $7 billion to external investors and transition into a private partnership. This decision was driven by industry challenges such as reduced fees and rising talent expenses that were impacting profitability and operational flexibility.
Under Platt's guidance, BlueCrest achieved nearly 50% returns in 2016 and posted a 54% gain in 2017, outperforming many other major hedge funds. In 2018, the Sunday Times recognized him as the wealthiest hedge fund manager in London's financial sector, noting a 25% increase in his net worth. Forbes included him among top-earning hedge fund managers in March 2019. That year BlueCrest delivered a net return of 53.5%, generating approximately $2 billion for Platt. His wealth surged further with a 95% gain in 2020, elevating his net worth to $10 billion. By 2023, the Sunday Times Rich List valued his fortune at £11.50 billion.
Personal life
In response to tightening regulations, Platt moved from London to Geneva, Switzerland in 2010. By 2014, he relocated both himself and BlueCrest from nearby Guernsey to Jersey, seeking tax benefits and enhanced staffing opportunities.
An avid art collector, Platt focuses on commissioning contemporary pieces rather than acquiring existing works. His private gallery is housed within the crypt of a deconsecrated church at One Marylebone and showcases artists including taxidermist Polly Morgan, Turner Prize-winning sculptor Keith Tyson, and charcoal artist Reece Jones.
Platt also appeared as himself in Season 3, Episode 1 of Showtime's television series Billions.