Crispin Odey, the hedge fund manager who founder Odey Asset Management, has surrendered his place in the billionaires' club after his fortune fell by £200 million to £900 million, according to the Sunday Times Rich list.
Odey, who predicted in 2015 that the financial downturn would be so bad it would be "remembered in 100 years", had his salary halved from £31.8 million to £16 million after the profits at his hedge fund slipped from £174.2 million to £84.1 million.
A Vote Leave supporter who has donated funds towards the campaign for the UK to leave the EU, Odey's $1 million (£694 million) European Fund lost 22 per cent in the first two weeks of March alone. The Independent has contact Odey Asset Management for comment.
Meanwhile Alan Howard, the co-founder of Brevan Howard, one of the world's richest hedge funds, fell from the top of the list to fourth place on the list of the 20 richest hedge funds in the UK. The Independent has contacted Brevan Howard for comment.
Howard saw his wealth drop by £460 million to £1.04 billion because of a 1.99 per cent fall in the Brevan Master Fund, compared to a 1.26 per cent loss in similar funds on average, according to Hedge Fund Research data.
Michael Platt, the co-founder of Bluecrest, took Howard's place at the top. His wealth increased to £2.1 billion from £1.5 billion a year earlier despite some of his funds not performing as well as expected.
The top 10 hedge fund managers added over £1.4 billion to their personal fortunes, despite hedge funds losing 1.12 per cent on average in 2015, fund data seen by Reuters showed.
The richest hedge fund managers in the UK, 2016
Source: Sunday Times Rich List
