Alex Gerko, the billionaire co-founder of algorithmic trading firm XTX Markets, has recruited a senior banker from UBS to spearhead the expansion of his family office, according to people familiar with the matter.
New Hire to Lead Wealth Management Operations
The appointment, which has not been publicly announced, sees the UBS veteran take on the role of chief investment officer for Gerko's family office, the people said. The hire underscores the growing trend among wealthy financiers to build out professional investment teams to manage their personal fortunes.
Gerko, who co-founded XTX Markets in 2015, has seen his wealth surge alongside the firm's rapid growth. XTX Markets has become one of the world's largest currency and equities trading firms, executing billions of dollars in trades daily. The firm reported record profits in recent years, driven by volatile markets and its high-frequency trading strategies.
Family Office Expansion Signals Growing Wealth
The family office, which manages Gerko's personal wealth, is expected to increase its investment activity across a range of asset classes, including public equities, private equity, and real estate, the people said. The new CIO will be responsible for overseeing the office's investment strategy and portfolio allocation.
Gerko's move to hire a senior banker from UBS reflects the increasing sophistication of family offices among the ultra-wealthy. Many billionaires are now establishing dedicated teams to manage their finances, rather than relying solely on external wealth managers. According to a 2023 report by UBS, the number of family offices globally has grown by more than 30% over the past five years, with total assets under management exceeding $1 trillion.
XTX Markets' Success Fuels Personal Wealth
Gerko's personal fortune has been buoyed by XTX Markets' stellar performance. The firm, headquartered in London, has consistently ranked among the top currency trading firms globally. In 2022, XTX Markets reported a pre-tax profit of £1.2 billion, up from £987 million the previous year, according to filings at Companies House.
The firm's success has made Gerko one of the UK's wealthiest individuals. The Sunday Times Rich List estimated his net worth at £7.5 billion in 2023, placing him among the top 10 richest people in the country. Gerko, who is also a prominent philanthropist, has donated millions to charitable causes, including education and medical research.
The UBS banker's departure from the Swiss bank is the latest in a series of high-profile exits from the wealth management division. UBS has seen a number of senior bankers leave in recent months to join family offices or start their own firms, as the industry continues to evolve.
