- Michael Platt’s BlueCrest Capital Management, a family office since 2015, posted about a 73% net gain in 2025 versus the FTSE 100’s ~21.5% rise.
- BlueCrest has also notched outsized recent years, including 95% in 2020 and 153% in 2022, though its scale and strategy are opaque.
- Platt is estimated to be worth about $18.8 billion, ranking 12th on The Sunday Times Rich List.
- The firm is returning over $100 million under an FCA-linked redress scheme tied to past misallocation of external clients into an underperforming trading system.
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BlueCrest’s reported 73% gain in 2025 represents a remarkably strong performance, especially given its status as a family office devoid of external capital. That this return dramatically outpaced the FTSE 100 (c. 21.5%) underscores its strong alpha generation under Platt’s leadership. This consistency—manifested in previous spikes of 95% in 2020 and 153% in 2022—suggests that the firm’s investment framework thrives during periods of market volatility.
The transition in 2015 from hedge fund managing external capital to a private investment vehicle has afforded BlueCrest flexibility, but also removed regulatory constraints and capital raising pressures. The model appears to be paying off: Platt has full discretion, and performance obstacles tied to investor redemptions or external mandates are largely irrelevant. However, scale and transparency remain opaque—neither the current assets under management (AUM) nor exact investment strategy details are public.
Nonetheless, reputation risk reemerges with the FCA’s past censure and associated redress scheme. While the redress addresses misallocation related to a legacy external fund, it nonetheless can influence perceptions among counterparties and potential future external-facing ventures. The $100 million figure, though modest relative to Platt’s fortune, signals material regulatory and operational costs from past practices.
Strategic implications from this report include:
- Other fund managers, especially stealth family offices, may try to promote similarly high returns—driving increased scrutiny from regulators and counterparties.
- BlueCrest could face pressure or temptation to re-lift external capital given its performance—something that could mutate its risk profile and regulatory exposure.
- Investors in similar strategies may audition BlueCrest’s approach as a benchmark, influencing asset allocation toward flexible, high-conviction strategies that can navigate macro disruption.
Open questions include:
- What specific asset classes or strategies delivered the bulk of the 2025 return—equities, derivatives, fixed income, macro, opportunistic, etc.?
- What is BlueCrest’s current AUM or trading power, and how much leverage or risk is being assumed?
- Has BlueCrest changed risk controls, governance, or transparency practices following past regulatory issues?
- How sustainable is this performance given the firm’s opaque structure, especially if macro conditions reverse or volatility subsides?
Supporting Notes
- BlueCrest Capital Management, now a family office since 2015, returned approximately 73% in 2025 under Michael Platt’s leadership.
- Earlier returns include 95% in 2020 and 153% in 2022.
- The FTSE 100 rose about 21.5% in 2025; BlueCrest’s return was significantly higher.
- Michael Platt’s net worth is estimated at $18.8 billion (March 2025), placing him 12th on The Sunday Times Rich List.
- A court filing in 2022 estimated the firm managing ~$3.9 billion in direct capital with ~$15 billion in “trading power.”
- BlueCrest agreed to return over $100 million to external investors following an FCA redress scheme related to allocating them to an underperforming, computer-driven trading strategy.