(Bloomberg) -- Billionaire Michael Platt’s BlueCrest Capital Management is on track for its best year since becoming a private investment firm.

The firm, which now runs Platt’s wealth and that of his partners, has soared 114% so far this year, according to a person with knowledge of the matter. The gains, if sustained for the rest of the year, will make 2022 its most profitable year. The Financial Times reported the returns earlier.

BlueCrest, which decided to return clients their money in 2015, has benefited from bonds and commodities trading this year amid soaring inflation and rising interest rates, said the person, who asked not to be identified because the details are private. With leveraged bets and freedom to take more risk, the firm has surged ahead of traditional macro hedge fund peers.

A spokesman for the firm did not immediately respond to requests for comment. It’s unclear how much money BlueCrest runs now. 

Platt had been building his investment firm into a giant trading operation by hiring and paying top traders in the world. To lure top talent, the firm offered some money managers as much as 30% of the profits they generate, people told Bloomberg earlier this year.

Platt already has a net worth of about $11.6 billion, according to the Bloomberg Billionaire Index. BlueCrest’s returns so far this year are set to create a multi-billion dollar gain for him and those that work for his investment firm if they hold until the end of 2022 and vault Platt higher up the ranks of the ultra-rich. He’s currently the world’s 152nd-richest person, according to Bloomberg’s wealth index.

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