Alex Gerko's 75 percent stake in XTX, which he co-founded, makes up the bulk of his fortune. Photo: Rahul Singh
The UK's largest taxpayer nearly doubled his fortune after his financial trading company paid out a £1.6bn dividend.
Alex Gerko, founder and majority owner of XTX Markets, a quantitative trading company, is now valued at $10.8bn (£8.5bn) thanks to its stake in the business and the payouts it has received, according to the Bloomberg Billionaires Index.
The large dividend was received after XTX reported earnings growth to £1.1bn last year, Companies House reporting shows numbers have doubled in 2021.
Bloomberg estimates earnings increase and the payout boosted Gerko's net worth by around $5 billion.
The 43-year-old has already topped the Sunday Times tax list, paying nearly half a billion pounds. Treasury last year. He was previously number 10 on the list.
Last year, he tweeted: “I am very happy with the heaps of taxes I pay and also very supportive of UBI [Universal Basic Income]. and taxes on wealth.”
Mr. Gerko graduated in mathematics from the prestigious Moscow State University and the Russian School of Economics. He moved to the UK in 2006 and founded XTX in 2015 after a career in the City of London, including as a trader at Deutsche Bank.
He is one of the chief executives of XTX along with a former JP Morgan trader. Hans Buhler. Mr. Gerko owns a 75 percent stake in the business, making up the bulk of his fortune.
Paying large dividends and rising XTX value means Mr. Gerko is now richer than some of the biggest names in the world. British industry.
His $10.8bn net worth ranks him as the fifth richest British citizen according to Bloomberg.
Sunday Times Tax List 2023
Sir Jim Ratcliffe of Ineos tops the list with $17.6 billion, followed by vacuum titan Sir James Dyson with $15.7 billion.
A native of Moscow, Mr Gerko was granted British citizenship in 2016 and strongly criticized Russia's invasion of Ukraine.
He tweeted: «Nuremberg is waiting for you» along with an article about Sergei Lavrov, the Russian foreign minister, trying to justify the bombing of a Mariupol maternity hospital.
< p>XTX also sponsored the Ukrainian team of the International Mathematical Olympiad and promised to create an international mathematics center in the country.
Last year, the company sued Mazars, an accounting firm, alleging discrimination, alleging that the company refused to work with XTX due to for Mr Gerko's past. Mazar declined to comment at the time.
XTX uses so-called algorithmic trading strategies where decisions are made automatically by machines. Its algorithms make split-second decisions on whether to trade with businesses, exchanges, and other marketplaces that are looking to buy and sell assets.
The company provides essential connectivity to financial markets and processes almost $300 billion . daily trading in stocks, currencies and bond markets. The company receives a small cut of every deal.
XTX employs almost 200 people and says it is committed to «automating every aspect of our business.» A copy of the Apollo 11 command module is installed at its headquarters in King's Cross, London.
The company is based in the UK and pays taxes here on its profits. It also has offices in Paris, New York, Singapore and the Armenian capital Yerevan.
Mr Gerko has taken up the mantle of the UK's biggest taxpayer from Denise Coates, founder of gaming site Bet365, who has topped the list for three consecutive years.
With relatives, she has paid nearly £2bn in taxes since 2019. Gerko is estimated to have paid nearly £680 million over the same period.
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