Neil Phillips, the embattled co-founder of hedge fund Glen Point Capital LLP, is looking to sell a 9-bed mansion in one of London’s most expensive areas as he prepares to face US charges that he rigged currency markets.
(Bloomberg) — Neil Phillips, the embattled co-founder of hedge fund Glen Point Capital LLP, is looking to sell a 9-bed mansion in one of London’s most expensive areas as he prepares to face US charges that he rigged currency markets.
The property is on the market for £12.5 million ($14.5 million), according to an Aug. 3 listing on real estate website Zoopla. Phillips, 52, purchased the house for £13.8 million in April 2018, UK Land Registry documents show, about four months after the alleged trades that resulted in his arrest in Spain last week at the request of US authorities.
Prosecutors in New York have charged Phillips with multiple counts of fraud, alleging that he had rigged the exchange rate between the US dollar and the South African rand in December 2017 in order to make a $20 million wager succeed. Bets on South Africa helped Glen Point post record returns that year, Phillips told investors.
Phillips has yet to file a response to the charges. He didn’t respond to requests for comment. His lawyer, William Stellmach, also didn’t respond.
The impact of the US prosecution on the property is unclear. Mark Pollack, director of luxury real-estate firm Aston Chase who’s helping to sell the house, said the process is on hold pending legal advice. Marc Schneiderman at Arlington Residential, who’s also working on the deal, added that both firms “always undertake strict compliance checks” before advertising properties.
“In light of recent allegations, we are waiting further instructions,” Schneiderman said.
The property was originally designed by Edwin Lutyens, the famed UK architect behind landmarks including London’s Cenotaph. It’s situated a short walk from Hampstead Heath and the Hampstead Golf Club, records show. The average selling price for a house on the street over the past 12 months is £8.1 million, according to Zoopla.
Glen Point reported a 22% gain for 2017, helped by its trading that December, according to documents obtained by Bloomberg. Hedge fund managers are often compensated under the so-called 2-and-20 model, in which firms charge investors 2% of assets invested and 20% of profit generated.
Phillips purchased the house several months later with a loan from Coutts & Co., the unit of NatWest Group Plc that caters to Britain’s elite, according to the Land Registry records.
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