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Rich List 2018: how platform bosses and fund managers fared

British billionaire chemical engineer Jim Ratcliffe topped the Sunday Times rich list this year. He is the first British-born industrialist to do so. But how did the familiar faces of finance get on? Click on to find out.

The annual Sunday Times Rich List is back. As ever, this year it featured some very familiar faces.

However, this time one man made history. Ineos founder Jim Ratcliffe is the first British-born industrialist to top the rich list, with a worth of £21 billion. 

Other familiar faces from the world of finance also featured as part of the list. View our roundup by clicking on. 

The annual Sunday Times Rich List is back. As ever, this year it featured some very familiar faces.

However, this time one man made history. Ineos founder Jim Ratcliffe is the first British-born industrialist to top the rich list, with a worth of £21 billion. 

Other familiar faces from the world of finance also featured as part of the list. View our roundup by clicking on. 

912: Martin Lewis

Lewis made the headlines recently for bringing legal action against Facebook for allowing adverts to be published that used his name and image, without permission, to promote third-party investments.

Lewis may be a shaker in that sense, but on the rich list he not a mover. At 912th, he remains valued at £125 million. 

Lewis famously received £60 million in a mix of cash and shares when he sold Moneysavingexpert.com to Moneysupermarket.com in an £87 million deal. 

Based on performance, The Sunday Times estimates he should have made £27 million more after three years. His Moneysupermarket.com stake is down to roughly £17 million, and he made more than £44 million in deferred payments and sales in 2015.

 

912: Andrew Staley, Marlborough Investment Management

Readers will recognise Andrew Staley as the former majority shareholder in platform company Parmenion, which was owned by Marlborough Investment Management.

Staley still owns and runs Marlborough, whose 2016 profits rose to £10.6 million on nearly £67.7 million turnover. 

Parmenion changed hands two years ago when it was sold to Aberdeen Asset Management.

This year, Staley has climbed from 962 to 912 on the rich list, with a current worth of £125 million, up £15 million from last year,

 

 

675: Andy Bell, AJ Bell

Platform boss Andy Bell, chief executive of Manchester-based AJ Bell, has kept his position on the Sunday Times Rich List as he prepares his business for a float.

Bell ranked 675 on the paper’s annual survey, the same as 2017. His worth is listed at £175 million, the same as the previous two years.

Bell launched AJ Bell in 1995 as an actuarial consultancy and only later focused on pensions.

Now a successful platform, in February AJ Bell announced plans to float with a retail share offer available exclusively to AJ Bell customers.

AJ Bell has appointed Numis Securities to explore a float, expected to take place towards the end of 2018 or early 2019.

Last year, in an article Bell wrote for New Model Adviser®, he recounted his recent trip to the Glastonbury Festival, describing how he heard the result of the Brexit referendum while eating ‘Frosties out of a plastic coffee cup’.

This year Bell told the Sunday Times: ‘I have learnt to treat myself. This year I didn’t do Glastonbury in a smelly tent, but I still drive a 10-year old Range Rover.’

675: Charles Montanaro

A highly regarded City fund manager who specialises in smaller companies, Kent-born Montanaro has not moved from his position at 675 since last year. 

He remains valued at £175 million. 

Montanaro, 62, and his family own all of City-based Montanaro Asset Management, which made £7.5 million profit on £19.5 million sales in 2016 and showed £46.5m net assets.

With £2.4 billion funds under its wing, the Sunday Times claims the company 'should be worth £150 million and we add £25 million for other interests.'

In 1980 he joined Merrill Lynch as a private client broker, rising through the ranks into senior positions at a host of other banks before allegedly becoming one of the highest paid brokers in the 1980s.

After a year in private equity, he founded Montanaro Asset Management in 1991, specialising in European smaller companies.

480: Terry Smith, Fundsmith

Terry Smith has jumped up the Sunday Times Rich List for a second year.

According to the annual survey, Citywire AAA-rated Smith saw his wealth rise £30 million to £250 million in total.

This saw him climb from number 513 in the 1,000-strong ranking, to 480th.

The rise pales in comparison, though, to last year's performance, when he jumped 283 places. That came on the back of a £127 million increase in his wealth.

Smith, who formerly led Tullett Prebon, launched Fundsmith to much fanfare back in 2010, vowing to shake up the industry by delivering quality performance at a low cost. 

His Fundsmith Equity fund has returned 130.6% over the past five years.  

480: Mike Edge, London & Country Mortgages

Mike Edge set up Bath-based London & Country Mortgages (L&C) after starting up and selling national IFA Chase de Vere Investments.

L&C is now Britain’s biggest fee-free mortgage broker.

Edge bought out London & Country from Chase de Vere in 2000. Founded in 1983, Chase de Vere was sold to the Bank of Ireland in a £110 million deal in 2000. Edge collected £50 million for his stake.

Last year, he sold 25% of L&C to consumer credit and data giant Experian. Before the Experian deal, Edge had owned more than 82% of the business, a stake worth £246 million.

Taking account of the previous deal, tax and dividends, Edge is now valued at to £250 million.

358: Christopher Mills, Harwood Capital Investment

Harwood Capital managing partner Christopher Mills is valued at at least £352 million in the rich list.

The grandson of circus boss Bertram Mills, Christopher Mills made £61 million from the 2011 sale of the JO Hambro Capital business.

Harwood Capital made profits of £28.4 million in 2016/17. He is also chief executive of the North Atlantic Smaller Companies investmenttTrust, where his stake has risen by more than £20 million over the past year. 

301: Jonathan Ruffer

Ruffer is a barrister-turned-fund manager, who founded Ruffer Management with Robert Shirley, the 14th Earl Ferrers, in 1994. 

Ruffer, now 66, owns just over half of the £775 million business, which boosted its funds under management to £19 billion in 2016/17 when it made £135.6 million profit on £184.4 million turnover. Its dividend was £10.6 million. 

Ruffer is valued at £425 million, £19 million more than last year, at which point Ruffer was 298 on the list. 

Last month he predicted volatility in world stock markets wouldresult in them being 'hit by an earthquake within months'.

Last summer, he was dubbed '50 cent' for buying £200 million worth of cheap insurance to protect his portfolio. 

24: Bruno Schroder, Schroders

Bruno Schroder appears in the rich list again this year, climbing two places from 26 to 24 with a worth of £5.23 billion. 

Schroder's family banking business has reinvented itself as a City fund manager holding £418 billion in client assets. 

The family's stake is worth £4.8 billion, up £889 million in a year. Schroder, who went to Eton, now owns the 18,500-acre Dunlossit estate in the Hebrides, where they breed pigs.

76: Stephen Lansdown

Stephen Lansdown founded discount broker Hargreaves Lansdown with Peter Hargreaves 37 years ago, in 1981.

Like his colleague, Lansdown has since stepped back from the top table, but his stake in his former baby Hargreaves Lansdown is worth more than £1.11 billion.

Lansdown recently became chairman of Ravenscroft, a Channel Islands-based investment manager with £3 billion of assets under management. He has also invested in sustainable technology, with £15 million in a portfolio that includes projects in Africa.

66: Sir Philip Green (and Lady Green)

It was Lady Green. In Jersey. With all the shares in Arcadia.

'Disgraced retail baron' Philip Green has had another bad year, falling from 41 to 66 on the rich list. 

The Arcadia Group owner had a shocking year in 2016, with a parliamentary inquiry into how the sale of retailer BHS for just £1 resulted in its eventual collapse.

Clearly, the heat from that has not entirely died down. Green is now valued at £2 billion, £787 million less than last year. 

We might add that Arcadia is technically not Philip Green's company. Green's wife Tina owns all the shares in family business Taveta, which controls Arcadia and is based in Jersey. 

 

 

42: Peter Hargreaves

Peter Hargreaves, co-founder of discount broker Hargreaves Lansdown, has shot up the rich list, adding £849 million to his fortune.

Hargreaves no longer sits on the board of the Bristol-based broking giant he founded, but still has a 32.2% stake. The value of that stake rose £809 million to just over £2.9 billion over the past 12 months. Added to that have been share sales and dividends.

He now sits at number 42 on the 1,000-strong list of the UK’s wealthiest people, up from 51 last year, with a fortune of £3.2 billion. For more read here

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