A former Deutsche Bank AG trader is rapidly amassing enough wealth in the fallout from volatile interest rates and inflation to rival some of the richest billionaires in finance.
Alex Gerko’s fortune has surged to $10.8 billion after the holding company of his quantitative trading firm XTX Markets paid out a record £1.6 billion dividend to its owners earlier this year. XTX also increased profits more than 50%, helping to roughly double the 43-year-old’s net worth, according to the Bloomberg Billionaires Index.
XTX’s three main UK operating entities reported combined profits of about £1.1 billion in 2022 as revenue surged 70% to £2.5 billion, registry filings show. Rival market-making firm Citadel Securities booked $7.5 billion in net trading revenues in the same period, up 7.1% from 2021. He began his career trading equities at Deutsche Bank before later shifting to foreign exchange. He left in 2009 to join hedge fund GSA Capital, where he led currency trading operations before XTX was spun out in early 2015.
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