Louis Bacon, head of Moore Capital Management, was named the richest hedge fund manager in UK, according to the annual rich list of The Sunday Times. The total wealth of Louis Bacon was reported nearly doubled in the period of one year.

Robert Miller, chairman of Hong Kong based fund Sail Advisors was reportedly ranked second in the rich list.

The Sunday Times will publish its list of wealthiest hedge fund manager in Britain on April 25. According to the list, Louis Bacon has nearly doubled his wealth to £1.1 billion, while he had only £650 million last year.

Bacon is also reported 49th richest person in Britain. Bacon was caught in a controversy last year when his $14 billion hedge fund has been caught up in a crackdown on insider trading after the arrest of one of its London based traders.

Robert Miller, ranked second in the list, was reported having total wealth of around £950 million. The list also revealed that the wealth of the top three hedge fund managers have grown by £1.15 billion in a year.

"Hedge fund managers are among the key group that we see the fastest growth of wealth in the shortest time," said Ian Coxon, editor of the list. "The nature of hedging means that if the economy is beginning to turn they will benefit first."