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Alex Gerko

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Alex Gerko
Born (1979-12-03) December 3, 1979 (age 45)
Occupation(s)Businessman and Entrepreneur
Known forFounder & owner of XTX Markets
Children3

Alex Gerko (born 3 December 1979) is a financial trader and founder of XTX Markets based in the United Kingdom.[1][2]

Career

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Born in Russia to a Russian Jewish[3] family, he has a PhD from Moscow State University.[4] Initially, Gerko started his career trading equities at Deutsche Bank in 2004, and then moved into foreign exchange trading.[5]

In 2009, he joined GSA Capital, a UK-based hedge fund, where he stayed until 2015.[6]

In January 2015, Gerko founded XTX Markets, an algorithmic trading company that uses algorithms to trade the difference in market prices across a variety of venues.[6][7] Gerko holds a 75 per cent majority interest in the company.[7]

In 2022, the company reported a 64% increase in profits to £1.1 billion.[5]

Philanthropy

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Since 2020 Gerko has donated £25 million to out-of-class maths clubs, through the Axiom Maths charity (formerly Mathematics Education for Social Mobility and Excellence), which Gerko set up.[8][9]

Personal life

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Gerko moved to the UK in 2006.[6] He lives with his wife and three children in North London.[10] In 2022, Gerko renounced his Russian citizenship after a lengthy legal process.[10] He is a British citizen.[6]

As of August 2023, Gerko's net worth is estimated at £8.5 billion according to the Bloomberg Billionaires Index.[5][11]

In January 2024, he was named as the largest taxpayer in the UK by the Sunday Times Tax List, paying £664.5 million in tax.[12] In the Sunday Times Rich List 2024 ranking of the wealthiest people in the UK he was placed 12th with an estimated net worth of £12.055 billion.[13] In July 2024 Gerko lost a legal appeal against HM Revenue & Customs regarding the taxation of a deferred payment plan from his time at hedge fund GSA Capital between 2010 and 2015. The Court of Appeal ruled that Gerko and other traders should pay income tax on their share of trading profits, rather than the lower corporation tax rate they had argued for.[14]

References

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  1. ^ Hurley, James. "Russian trader Gerko's mission to help British kids live life by numbers". The Times. ISSN 0140-0460. Retrieved 2023-01-27.
  2. ^ Hurley, James. "Alex Gerko gives millions to charity". The Times. ISSN 0140-0460. Retrieved 2023-01-28.
  3. ^ "King of the geeks: how Alex Gerko built a British trading titan". ft.com. 5 December 2024. Retrieved 2024-12-04.
  4. ^ "How a math whiz traded without humans to make $700million fortune". gulfnews.com. 5 December 2019. Retrieved 2023-01-27.
  5. ^ a b c Hosking, Patrick (2023-08-23). "Britain's biggest taxpayer Alex Gerko sees net worth double". The Times. ISSN 0140-0460. Retrieved 2023-08-23.
  6. ^ a b c d Oliver, Matt (2023-01-27). "Russian-born City trader named as Britain's biggest taxpayer". The Telegraph. ISSN 0307-1235. Retrieved 2023-07-17.
  7. ^ a b Asgari, Nikou (17 July 2023). "XTX reports profits of £1.1 billion". Financial Times. Retrieved 2023-07-17.
  8. ^ Thomas, David (2024-01-11). "Why we're called Axiom Maths". Axiom Maths. Retrieved 2024-07-11.
  9. ^ "Billionaire's plan to make English pupils world's best at maths". schoolsweek.co.uk. 2023-05-27. Retrieved 2024-01-11.
  10. ^ a b Times, The Sunday (2023-07-12). "Alex Gerko net worth — Sunday Times Rich List 2023". The Times. ISSN 0140-0460. Retrieved 2023-07-12.
  11. ^ Wallace, Tim (2023-08-21). "Britain's highest taxpayer doubles fortune to £8.5bn". The Telegraph. ISSN 0307-1235. Retrieved 2023-08-23.
  12. ^ Watts, Robert (2024-01-29). "The Tax List 2024: the UK's 100 biggest taxpayers revealed". The Times. ISSN 0140-0460. Retrieved 2024-01-29.
  13. ^ Watts, Robert, ed. (17 May 2024). "The Sunday Times Rich List 2024". The Sunday Times. Retrieved 17 May 2024.
  14. ^ "Billionaire trader Alex Gerko loses UK tax appeal". www.ft.com. Retrieved 2024-07-23.
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