Accounts filed for BlueCrest Capital Management (UK) LLP (BCCMUK), the main partnership subsidiary for Mike Platt's hedge fund-turned-family office show that profit-per-member fell from £2.5m to just £498,000m, according to a report by eFinancial Careers.

The most heavily compensated partner — likely Platt himself — saw their entitlement plummet from £78m to £4.4m. Additionally, the number of partners decreased significantly, from 63 to 46.

The sharp decline in partner pay corresponds with falling revenues. BCCMUK's turnover dropped 72%, from £187m to £53m, and profits available for division fell by 54%, from £16m to £7m.

Yet, the situation is not as dire for other employees. Staff working for BC Capital Management Services Limited (BCCMS), the company handling infrastructure and employment services, maintained an average pay of £479,000 per head, unchanged from the prior year. Employee numbers in this unit even grew, from 278 to 315.

BlueCrest's intricate legal structure obscures a full understanding of its financial performance. While revenues at BCCMUK fell sharply, turnover at BCCMS increased by 39%, rising from £125 million to £174 million. The firm operates through a network of entities in jurisdictions like the Channel Islands, Singapore, and the Cayman Islands, which complicates analysis.

Despite these financial headwinds, BlueCrest delivered a 20% return in 2023, according to the Financial Times and the firm is reportedly in "late-stage talks" with 30 new portfolio managers, adding to its existing base of 170. This aligns with its reputation for offering competitive payouts—allocating around 30% of PnL to portfolio managers, compared to the industry standard of 20%.