Although Michael Platt closed his hedge fund firm BlueCrest Capital four years ago, he continued to trade using his own wealth and managed to earn $2 billion in 2019. This according to an article in Forbes.

The article reports that most of the fund’s returns, however, did not come from equity trading, but rather from “significant long fixed income positions early in 2019. During that year, the average hedge fund returned only about 10.35% (data from HFR) compared to the 31.5% for the U.S. stock market.

“Many legendary hedge fund managers have quit the business out of frustration in recent years,” the article reports, citing big names such as Louis Bacon, Leon Cooperman, John Griffin and Richard Perry have “called it quits.”

Platt started BlueCrest in 2000 and the firm grew to $35 billion AUM, the article reports, adding, “its team of traders specialized in rapid trading across a wide variety of markets.”