A former Deutsche Bank trader doubles his fortune to $11 billion

(Bloomberg) — Exposed to the effects of fluctuating interest rates and inflation, a former Deutsche Bank AG trader has amassed enough wealth to rival some of the richest finance billionaires.

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Alex Jericho’s fortune has risen to $10.8 billion after the holding company of his trading company, XTX Markets, paid its owners a record £1.6 billion ($1.9 billion) profit earlier this year. XTX profits increased by more than 50%. Jericho’s net worth has nearly doubled, according to the Bloomberg Billionaires Index.

Gerko, which owns a majority stake in XTX, is now ranked 182nd in the world. The 43-year-old’s wealth is comparable to that of hedge fund founders Easy Englander and Stan Druckenmiller.

XTX spokesperson Tim Moxon declined to comment on Gerko’s net worth.

XTX processes approximately $300 billion in daily transaction volume across stocks, commodities, currencies and fixed income. Jericho’s burgeoning fortune has already earned him the title of the UK’s largest taxpayer and has helped fund donations to educational initiatives around the world.

Original article title: Quant Trader Doubles His Wealth to $11 Billion as XTX Profits Soar