Michael Platt was one of the few people to see a significant rise in their wealth as Covid-19 hit the super rich hard.

UK’s richest hedge fund manager sees fortune swell by £1bn

The UK’s richest hedge fund manager saw his wealth rise by around £1bn last year, according to the annual Sunday Times Rich list. The fund was closed clients four years ago but remains open as personal investment vehicle. Platt is one of the few people at the top end of the list to see their wealth grow in the pandemic crisis. According to the study, the super-rich have lost more than £54bn in the last two months, with two thirds of billionaires seeing their wealth flatline or fall over the past year. While Hargreaves sold a £550m stake in HL in February, his wealth remains heavily linked to the performance of the company as he continues to hold around 24% of the business. Its shares were hit hard at the height of the Covid-19 crisis, but have since rebounded, with a trading update last week showing the business continued to perform well. Lansdown, who himself sold a £160m stake in the business at the end of last month to reduce his interest to around 7%, suffered a £370m decline in his wealth. The wealth of Schroder, 46, and the wider family, fell by £42m to £3.97bn, keeping them in 35th position in the list. According to accounts filed to the end of March 2019, profit jumped 30% to a record £26.4m at his asset management firm Fundsmith In the tough climate for asset managers, Ashmore CEO Mark Coombs suffered an £88m decline to £1.42bn, staying in 100th place in the list.

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