Alex Gerko: The Mathematical Genius Behind XTX Markets

Who is Alex Gerko?

Alexander Gerko has emerged as one of the most influential figures in global finance, transforming algorithmic trading and establishing himself as the United Kingdom’s largest taxpayer. Born in Moscow and now based in London, this Russian-born British mathematician has built a multi-billion-dollar empire through XTX Markets, revolutionizing how financial markets operate in the 21st century.

Early Life and Education

Alexander Gerko was born on December 3, 1979, in Moscow, Russia, into a Russian Jewish family. Growing up in a modest neighborhood in the shadow of the Mosselmash tractor factory in Moscow’s suburbs, Gerko’s exceptional mathematical talent manifested remarkably early in his childhood. By the age of 12, he was already competing in regional mathematics competitions, attending what he described as a “very average” school initially.​

His mathematical prowess earned him admission to the prestigious School 57 of Moscow, one of Russia’s most renowned specialized mathematics institutions. This elite educational environment proved transformative for Gerko, who would later attribute much of his professional success to the quality of mathematical education he received there. During his youth, Gerko harbored ambitions of winning the Fields Medal, often referred to as the Nobel Prize of mathematics.​

Gerko pursued advanced studies at Moscow State University, where he earned both a Bachelor’s degree and a Master of Science in Mathematics. He continued his academic journey at the same institution, completing his PhD in Mathematics in 2004 with a dissertation titled “Homological Dimensions and Semidualizing Complexes” under the supervision of Professor Evgenii Solomonovich Golod. Additionally, he obtained a Master of Economics degree from the New Economic School between 2001 and 2003, and studied at the Independent University of Moscow.​

Career Journey: From Academia to Finance

Deutsche Bank (2004-2009)

In 2004, having completed his doctorate, Gerko made the pivotal decision to transition from academia to finance. Recognizing that he might not achieve world-class status as a pure mathematician, he relocated to London and joined Deutsche Bank. Starting in the equities division, Gerko initially focused on equity trading before transitioning to foreign exchange (FX) trading. His strong mathematical background and quantitative expertise quickly distinguished him in the competitive trading environment, allowing him to develop and implement sophisticated trading algorithms.​

GSA Capital (2009-2015)

In 2009, Gerko joined GSA Capital, a UK-based quantitative hedge fund. At GSA, he served as Head of FX Trading, where he spent six years refining his skills in algorithmic trading and market-making operations. This period proved crucial in shaping his understanding of high-frequency trading and financial technology innovation. During his tenure at GSA Capital, Gerko gained invaluable experience in managing significant trading operations and developed the foundations of what would later become XTX Markets‘ trading philosophy.​

Founding XTX Markets (2015-Present)

In January 2015, at the age of 36, Alex Gerko took the bold step of founding XTX Markets. His motivation stemmed from a desire to reinvest profits back into the business rather than sharing them with external investors, which led him to negotiate a spin-off from his previous position. For a co-CEO, Gerko recruited his former boss from Deutsche Bank, Dr. Zar Amrolia, who also holds a PhD in Mathematics from Oxford University, underscoring the firm’s academic foundation.

XTX Markets was built on principles of transparency, fairness, and efficiency, challenging traditional trading norms. The firm specializes in algorithmic trading across multiple asset classes, including equities, foreign exchange, fixed income, commodities, and cryptocurrencies. Unlike many competitors, XTX uses advanced machine learning and artificial intelligence to forecast prices for over 50,000 financial instruments.​

Gerko maintains a 75% ownership stake in the company, with the remainder distributed among key partners and employees. Under his leadership, XTX Markets has grown exponentially, becoming one of the world’s leading market-making firms alongside giants like Citadel Securities and Jane Street.​

Professional Achievements and Business Success

XTX Markets’ Growth and Performance

XTX Markets has achieved extraordinary financial success under Gerko’s leadership. The firm handles approximately $250 billion in daily trading volume across 35 countries, making it one of the most significant players in global financial markets.​

The company’s financial performance has been exceptional:

• 2021: Revenue of £1.477 billion with profits of £667 million (42% year-over-year increase)​
• 2022: Profits surged to £1.1 billion, representing a 64% increase from the previous year​
• 2023: Combined revenue reached £2 billion with profits of £835 million​
• 2024: Revenue climbed to £2.74 billion with profits of £1.3 billion (54% increase), establishing it as one of the UK’s most profitable private businesses​

In 2024, Gerko received a personal payout of £682 million, the largest in XTX’s ten-year history. A total of £1.28 billion was distributed between Gerko and 30 quantitative traders, representing a 71% increase over 2023’s distribution of £747 million.​

Technological Innovation

XTX Markets’ competitive advantage lies in its sophisticated technological infrastructure. The firm operates a supercomputer in Iceland equipped with 25,000 AI chips (including 10,000 Nvidia A100s and 10,000 V100s) paired with 650 petabytes of high-speed storage. This infrastructure processes over a trillion data points daily, including order book, tick, and sentiment signals.​

In January 2025, XTX announced plans to invest over €1 billion ($1 billion) in building five data centers in Kajaani, Finland. This 478-acre development represents one of the most significant data infrastructure investments in the Nordic region, with the first facility designed to support 22.5MW of IT capacity scheduled for completion in 2026. The location was selected for its energy efficiency advantages, including Finland’s low-cost electricity, tax incentives, and naturally cold climate that supports sustainable cooling.​

Market Leadership

XTX Markets has established dominant positions in several key markets:

• Foreign Exchange: Became the largest emerging market FX provider and largest spot FX liquidity provider globally in 2022​
• European Equities: Recognized as the largest systematic internalizer for European equities by volume since November 2019​
• US Equities: Launched a platform for US equities in 2021 and has been steadily gaining market share from established players like Citadel Securities​

The firm employs over 250 people globally with offices in London, New York, Paris, Singapore, and Mumbai.​

Leadership Transition

In 2022, XTX hired Dr. Hans Buehler, a PhD holder in Financial Mathematics with over 20 years of industry experience, as Deputy CEO. Buehler, who had spent 14 years at JPMorgan Chase and seven years at Deutsche Bank, was promoted to co-CEO in April 2023, sharing leadership duties with Gerko. However, in July 2025, Buehler resigned from his position to pursue an academic career, leaving Gerko as sole CEO.​

Cromulon Capital Family Office

In 2024, Gerko established Cromulon Capital, a family office to manage his rapidly growing personal wealth. The name derives from the science fiction television show “Rick and Morty,” referencing a species of planet-sized heads called Cromulons that “feed on the talent and showmanship of less-evolved lifeforms”. This choice reflects Gerko’s well-known affinity for science fiction, which extends to the XTX office featuring a full-size replica of the Apollo 11 landing capsule, items from Battlestar Galactica and Babylon 5, and his favorite show, the short-lived US space drama Firefly.​

Net Worth and Tax Contributions

As of November 2025, Alexander Gerko’s net worth stands at approximately $13.2 billion, making him the 164th richest person globally and the third wealthiest in the United Kingdom. His fortune has more than doubled over the past two years, driven by XTX Markets’ exceptional profitability.​

Gerko has earned remarkable distinction as the United Kingdom’s largest individual taxpayer:

• 2022: Paid £487.4 million in taxes​
• 2023: Contributed £664.5 million to HMRC, equivalent to £1.8 million per day or £75,000 per hour​
• 2024: Remained among the UK’s top taxpayers with contributions of £665 million​

His 2023 tax payment represented the largest ever recorded on the Sunday Times Tax List and equaled the combined contribution of approximately 132,000 average UK taxpayers. Gerko has publicly stated that he is “very happy to pay a ton of taxes” and supports wealth taxes, though he opposes members of parliament dictating his personal financial needs.​

In the Sunday Times Rich List 2024, Gerko was ranked 12th among the UK’s wealthiest individuals with an estimated net worth of £12.055 billion. By June 2025, various sources estimated his wealth between $7.5 billion and $14.6 billion, reflecting the significant dividends and profit distributions he has received from XTX Markets.​

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Personal Life

Alex Gerko Wife and Family

Alex Gerko moved to the United Kingdom in 2006 and currently resides in North London with his wife and three children. His wife, Elena Gerko, is an accomplished economist who worked as a Research Economist at the Bank of England from September 2018 to August 2020. Elena holds a BA in Economics from the State University – Higher School of Economics, an MA in Economics from the New Economic School, an MSc in Economics from the London School of Economics, and a PhD in Economics from London Business School.​

The Gerko family lives in a substantial seven-bedroom townhouse in North London valued at approximately £22 million. Despite his immense wealth, Gerko maintains a relatively low public profile compared to other billionaires, preferring to focus on his work and family rather than seeking media attention.​

Citizenship

Gerko became a British citizen in 2016, ten years after relocating to London. In December 2022, following Russia’s invasion of Ukraine, he renounced his Russian citizenship after a lengthy legal process. This decision reflected his strong opposition to the war and his commitment to his life and business in the United Kingdom.​

Prior to renouncing his Russian citizenship, Gerko faced discrimination challenges. In August 2022, XTX Markets filed a lawsuit against accountancy firm Mazars for refusing to work with the company because of Gerko’s Russian origins, despite the fact that he was not subject to any international sanctions and held no assets in Russia. The firm also initiated proceedings against investment managers Aviva and Legal & General for similar reasons.​

Philanthropy and Social Impact

Alex Gerko has demonstrated significant commitment to philanthropy, with donations focusing primarily on mathematics education, humanitarian relief, and cultural institutions. From 2017 to 2024, XTX Markets donated over £100 million to various charitable causes.​

Mathematics Education

Since 2020, Gerko has donated at least £25 million to support mathematics education through the Axiom Maths charity (formerly Mathematics Education for Social Mobility and Excellence, or MESME), which he founded. The charity runs “Maths Circles,” out-of-class mathematics clubs for secondary school pupils aged 11-16 that aim to develop students’ mathematical thinking and expand their curiosity.​

Axiom Maths offers schools approximately £3,000 to fund “maths champions” who work to keep high-attaining students interested in mathematics during the crucial transition period from primary to secondary education. The charity’s research indicates that approximately 30,000 pupils who achieved top mathematics results in their Key Stage 2 SATs do not obtain a grade 7 or above in the subject at GCSE—nearly double the number of vacancies for STEM-related jobs in England.​

In 2023, XTX Markets launched a mathematics excellence fund backed by at least £5 million to “develop, test and evaluate collaborative ways to increase attainment and progression” for children aged 11-18. The fund prioritizes helping schools serving disadvantaged communities provide outstanding support for high-potential pupils.​

In 2025, Gerko announced plans to open the 1729 Mathematics School, a private school for children with exceptional mathematical abilities, on the campus of Mill Hill School in North London. Named after the Hardy-Ramanujan number, the school will provide students with a personalized mathematics curriculum and significantly more immersive mathematical education than traditional UK schools.​

Beyond K-12 education, Gerko has made substantial contributions to university-level mathematics. At the University of Oxford, XTX is sponsoring a scholarship program for women PhD students in mathematics named after Maryam Mirzakhani, the Iranian mathematician who became the first woman to win the Fields Medal. In 2025, he donated $10 million split evenly between Lean FRO and Mathlib—two leading initiatives focused on applying artificial intelligence to mathematics—bringing his total donations to math education and research near $400 million.​

Ukraine Humanitarian Support

Following Russia’s invasion of Ukraine in February 2022, Gerko and XTX Markets became vocal supporters of Ukraine and major contributors to humanitarian relief efforts. Over the past years, XTX Markets and its employees have committed over £45 million in charitable donations to support Ukraine:​

• Initial Response: Donated £10 million to the United Nations Refugee Agency UK for UNHCR at the outbreak of the war to provide immediate shelter and protection for displaced people​
• Joint Fund with UBS: Partnered with UBS to create a Joint Fund for Ukraine with a total value of £30 million (XTX donated £10 million, UBS donated £5 million, with the remainder from matched UBS client donations)​
• Academic Sanctuaries Fund: Launched in June 2022 with a commitment of £15 million over three years to provide sanctuary places for students and researchers forced to flee, including support for a new International Centre for Mathematics in Ukraine​
• Additional Support: Provided £1.6 million to the United Nations Refugee Agency to assist Armenia in accommodating refugees from the Karabakh region of Azerbaijan​

Gerko has been outspoken in his criticism of Russia’s invasion, reportedly commenting “Nuremberg is waiting for you” in reference to Russian Foreign Minister Sergei Lavrov.​

Arts and Culture

Alex and Elena Gerko are longstanding patrons of the London Symphony Orchestra (LSO), having attended hundreds of concerts over 15 years. Their philanthropic support for the LSO includes:​

• 2020: Donated £1.5 million to launch the LSO’s “Always Playing” Recovery Appeal during the COVID-19 pandemic, providing seed funding for the orchestra to rebuild and sustain operations​
• 2023: Made a £1.2 million donation to launch LSO Conservatoire Scholarships, a three-year program providing financial support and mentoring to talented postgraduate instrumentalists facing financial barriers. The program awards ten scholarships annually, each worth £15,000 per academic year, prioritizing students from low-income backgrounds​

Other Charitable Contributions

• COVID-19 Relief: XTX Markets donated over £20 million to COVID-19 charities in March 2020, including £10 million specifically to the NHS during the early stages of the pandemic​
• Environmental Conservation: Contributed to environmental restoration projects including Scotland’s Tarras Valley Nature Reserve​

Recognition and Awards

Alexander Gerko’s achievements have earned him significant recognition:

• Sunday Times Rich List: Consistently ranked among the UK’s wealthiest individuals, reaching 12th place in 2024 with an estimated net worth of £12.055 billion​
• Sunday Times Tax List: Named the UK’s largest taxpayer in 2023 and 2024, paying £664.5 million in 2023 alone​
• Bloomberg Billionaires Index: Ranked as the 164th richest person globally and third wealthiest in the UK as of 2025​
• Industry Leadership: Recognized as a leader in algorithmic trading and financial technology innovation​

Professional Philosophy and Approach

Gerko’s approach to business emphasizes several key principles:

Technology Over Speed

Unlike many high-frequency trading firms that prioritize speed advantages measured in microseconds, XTX Markets focuses on intellectual dominance through raw computational power and sophisticated algorithms. Gerko believes that “in the long term, the smartest ideas, rather than the fastest, should win”.​

Academic Talent

Similar to Renaissance Technologies founder James Simons, Gerko surrounds himself with mathematicians, quants, and developers—people more comfortable with neural networks than market gossip. XTX employs approximately 20-30 researchers who have made the firm extraordinarily successful, with profits of approximately £1.5 billion generated by a relatively small team.​

Automation and Efficiency

XTX dispenses with proprietary traders and instead tries to automate as many processes as possible, using statistical models that analyze “trillions of noisy observations”. This approach has enabled the firm to maintain high profitability with a relatively lean workforce of around 250 employees globally.​

Long-Term Thinking

Unlike many market makers who hold positions for mere seconds, XTX is known for holding overnight positions and taking longer-term views in FX markets, which has contributed to its competitive advantage.​

Challenges and Controversies

Tax Dispute

In July 2024, Gerko lost a legal appeal with HM Revenue & Customs (HMRC) regarding taxation of deferred payment plans from his time at GSA Capital between 2010 and 2015. The Court of Appeal ruled that Gerko and other traders should pay income tax on their share of trading profits rather than the lower corporation tax rate they had argued for, resulting in “massive double taxation” according to Gerko. He and 12 other former GSA Capital traders subsequently filed a lawsuit challenging this decision.​

Discrimination Claims

Prior to renouncing his Russian citizenship, Gerko faced challenges related to his Russian origins. XTX Markets filed lawsuits against Mazars, Aviva Investors, and Legal & General for refusing to provide services due to Gerko’s background, despite him holding no assets in Russia and not being subject to any sanctions.​

Legacy and Impact

Alexander Gerko represents a new generation of finance leaders who have leveraged advanced technology, mathematical expertise, and data science to transform traditional financial markets. His journey from a modest Moscow suburb to becoming one of the UK’s wealthiest individuals and largest taxpayers exemplifies both the possibilities of mathematical talent and the transformative power of algorithmic trading.

Through XTX Markets, Gerko has demonstrated that sophisticated technology and intellectual capital can compete successfully against established financial institutions. The firm’s success has challenged traditional banks and helped democratize liquidity provision across global markets.

Beyond his business achievements, Gerko’s substantial philanthropic commitments—particularly in mathematics education—are creating lasting impact on future generations. His efforts to improve mathematical education for disadvantaged youth and support displaced academics demonstrate a commitment to using his wealth for social benefit.

As algorithmic trading continues to reshape global financial markets, Alex Gerko stands as one of the field’s most successful practitioners and a testament to the power of combining mathematical brilliance with entrepreneurial vision. His story illustrates how academic excellence, when applied to practical problems with sophisticated technology, can create extraordinary value while contributing substantially to society through both taxation and philanthropy.

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