Billionaire Quant Trader Alex Gerko Named UK’s Biggest Taxpayer

ETJ

ETJ

Billionaire Quant Trader Alex Gerko Named UK’s Biggest Taxpayer
  • Sunday Times estimates Gerko contributed about £487 million
  • Gerko replaces gambling mogul Denise Coates at top of ranking
By
Benjamin Stupples

January 27, 2023 at 5:14 AM CST
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1542738D
XTX MARKETS LTD
Private Company
DBK
DEUTSCHE BANK-RG
12.27
EUR
-0.04-0.36%
0141645D
BET365 GROUP LTD
Private Company

Alex Gerko built a quantitative trading firm over the past decade that handles almost $300 billion in daily volume across equities, commodities, currency and fixed income. It’s made him a billionaire several times over, and it’s now earned him the status of the UK’s biggest taxpayer.

800x-1.jpg

Alex Gerko
Photographer: Rahul Singh/XTX Markets Ltd.
The XTX Markets founder contributed about £487.4 million ($602.5 million) to Britain’s public finances in the past year or so, according to the latest Sunday Times Tax List. The former Deutsche Bank AG trader’s London-based firm paid a dividend of almost £1.3 billion in March as it reaps the benefits of volatile markets.

Tim Moxon, a spokesperson for XTX, declined to comment on the tax list.

Gerko, a Russian native who’s now a British citizen, founded XTX eight years ago. He is calculated to have a $6.4 billion fortune through his majority stake in the business, according to the Bloomberg Billionaires Index.

Read more: Ex-Deutsche Bank Trader Builds $6 Billion Fortune on Volatility

XTX employs more than 170 people across offices spanning New York, Paris and Singapore. Gerko runs the firm with co-Chief Executive Officer Zar Amrolia — also a Deutsche Bank alumni — and shares profits as well with partners. Gerko, a UK tax resident along with XTX, has previously said he’s happy to hand over the “ton” of levies he’s paying and that he’s in favour of wealth taxes.

Gerko replaces Bet365 Group Ltd. founder Denise Coates at the top of the Sunday Times’s ranking. She was named as the UK’s second-largest individual taxpayer for 2022 with an estimated contribution of around £460 million.

Read More: UK’s Richest Woman Gets £272 Million Despite Bet365 Profit Drop
 
ETJ said:
Billionaire Quant Trader Alex Gerko Named UK’s Biggest Taxpayer
  • Sunday Times estimates Gerko contributed about £487 million
  • Gerko replaces gambling mogul Denise Coates at top of ranking
By
Benjamin Stupples

January 27, 2023 at 5:14 AM CST
New

Follow the authors
@BenStupples
+ Get alerts for
In this article
1542738D
XTX MARKETS LTD
Private Company
DBK
DEUTSCHE BANK-RG
12.27
EUR
-0.04-0.36%
0141645D
BET365 GROUP LTD
Private Company

Alex Gerko built a quantitative trading firm over the past decade that handles almost $300 billion in daily volume across equities, commodities, currency and fixed income. It’s made him a billionaire several times over, and it’s now earned him the status of the UK’s biggest taxpayer.

800x-1.jpg

Alex Gerko
Photographer: Rahul Singh/XTX Markets Ltd.
The XTX Markets founder contributed about £487.4 million ($602.5 million) to Britain’s public finances in the past year or so, according to the latest Sunday Times Tax List. The former Deutsche Bank AG trader’s London-based firm paid a dividend of almost £1.3 billion in March as it reaps the benefits of volatile markets.

Tim Moxon, a spokesperson for XTX, declined to comment on the tax list.
Gerko, a Russian native who’s now a British citizen, founded XTX eight years ago. He is calculated to have a $6.4 billion fortune through his majority stake in the business, according to the Bloomberg Billionaires Index.
Read more: Ex-Deutsche Bank Trader Builds $6 Billion Fortune on Volatility
XTX employs more than 170 people across offices spanning New York, Paris and Singapore. Gerko runs the firm with co-Chief Executive Officer Zar Amrolia — also a Deutsche Bank alumni — and shares profits as well with partners. Gerko, a UK tax resident along with XTX, has previously said he’s happy to hand over the “ton” of levies he’s paying and that he’s in favour of wealth taxes.

Gerko replaces Bet365 Group Ltd. founder Denise Coates at the top of the Sunday Times’s ranking. She was named as the UK’s second-largest individual taxpayer for 2022 with an estimated contribution of around £460 million.

Read More: UK’s Richest Woman Gets £272 Million Despite Bet365 Profit Drop
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Denise Coates after a duck duck + related search; has foundation that gives away hundreds of millions.
She probably has enough horse sense not to bet on track meet or horse race; her company does profit on horse races.
Horse sense is what keeps horse meat from betting on a track meet:D:D
 
newwurldmn said:
I read an article about him. Something felt shady about his story.
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Fake quote about being in favor of wealth taxes, like W Buffet;
even if that was an accurate quote, can always give the gov more+ they will take it\LOL:D:D\:caution::caution::caution::caution::caution::caution::caution:\:D:D. What nonsense for billionaires to praise hi /tons of taxes.
i dont mind paying user fees on ammo/ but thats not a tax; its a limited user fees + done with a budget. I dont blame him for moving from the evil empire\russia.
President Biden could hit Putin with a missile very easy:D:D[UK minister disclosed putin threatened him witha missile]
Or Israel could hit Putin with thier missile named ''Jericho 2'':caution::caution:
 
I never understood how he would prevent employees from departing and pursuing the same strategies. Same with Jim Simons' Renaissance. Of course employees sign non-compete clauses. But with so much money at stake, I am surprised there seems to be no leakage, since they can continue to deliver stellar outperformance year after year. Maybe employees are just so generously rewarded that they do not think about leaving.
 
Maverick2608 said:
Of course employees sign non-compete clauses.
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First time i hear about it. Was reading to find out, the average lenght of it remaining in effect, once a person has left his job. Couldn't find. Say 5 years~

Anyway, great idea ;
roots go back to 15'th century's England.
 
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Structure the bonus over time and build the NC into the terms. Not perfect, but it's a technique employed by many firms and funds. It can become a tax nightmare if you shoot your mouth off.
There are numerous other techniques - depends a lot on your concern. It's not uncommon to become an investor in their new venture. Nobody is crazy about the courts as a remedy.
 
Non competes are unenforceable. There was a famous lawsuit involving ex rentech guys going to millennium.

I don’t think most of the researchers understand the whole machine to be able to reimplement it. The few guys that do are making hundreds of millions and it’s not worth the risk.


Maverick2608 said:
I never understood how he would prevent employees from departing and pursuing the same strategies. Same with Jim Simons' Renaissance. Of course employees sign non-compete clauses. But with so much money at stake, I am surprised there seems to be no leakage, since they can continue to deliver stellar outperformance year after year. Maybe employees are just so generously rewarded that they do not think about leaving.
More...
 
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