CMC Markets founder to become Tory co-treasurer
PETER Cruddas, the billionaire entrepreneur behind trading giant CMC Markets, has been appointed as co-treasurer of the Conservative party.
He will work alongside existing treasurer Stanley Fink, the former chief executive of hedge fund manager Man Group.
Tory sources said Cruddas had proven his fundraising abilities as co-treasurer of the No2AV campaign, which secured a big win in last month’s referendum on changing the Westminster voting system.
Fink said: “I am delighted that Peter is joining as co-treasurer of the Conservative Party and I greatly look forward to working closely with him over the coming years.”
Cruddas founded internet securities dealer CMC Markets in 1989 and in 1996 branched out from traditional broking into spreadbetting and online trading.
In 2007, Wall Street investment bank Goldman Sachs snapped up a 10 per cent stake for £150m – just 18 months after Cruddas pulled a flotation amid market turmoil.