The Labour Party has received donations totalling almost £600,000 from a multi-millionaire hedge fund manager whose identity officials have tried to keep secret , it emerged last night . Martin Taylor has been unveiled as the benefactor who has given the Labour Party donations totalling £591,800 since 2012 – making him the party 's fourth-largest donor . Ed Miliband has had at least one private meeting with him . Labour leader Ed Miliband has had at least one private meeting with multi-millionaire hedge fund manager Martin Taylor , who has been unveiled as the benefactor who has been giving Labour Party donations of £591,800 since 2012 . The Labour leader has previously attacked the Conservatives for being 'the party of Mayfair hedge funds ' – yet Mr Taylor 's firm is based in the same exclusive area of London . Labour has promised to be open about its financial supporters . But the party faced accusations last night that it had repeatedly failed to identify Mr Taylor . Labour has promised to be open about its financial supporters . But the party faced accusations last night that it had repeatedly failed to identify Mr Taylor . A Liberal Democrat peer suspended himself from the party last night , amid claims the Lib Dems had accepted another potentially illegal donation . The party reportedly took cash from a journalist posing as a businessman who registered the donation as coming from his stepfather . The Electoral Commission is now investigating the matter , as using a relation as a proxy is not permitted . A Lib Dem spokesman said Lord Strasburger – recorded discussing the donation in a Channel 4 Dispatches investigation – denied wrongdoing . The peer insisted he had 'committed no offence ' but added : ' I have resigned the whip ... until the investigation is completed . ' Prospective candidate Ibrahim Taguri stood down earlier this month following claims he had told an undercover reporter how to make a donation that would not be declared publicly . The Times reported that it first asked Labour about his identity several months ago . Parties are required to identify all donors who have given more than £7,500 . But because only the name of the donors are published , it can be difficult to identify individuals with a common name such as Taylor . Yesterday , under further pressure from newspapers , Labour issued a statement from Mr Taylor which identified him as a hedge fund millionaire . The donor said : 'There is no mystery . This 'Martin Taylor ' is me . I am a born and bred Londoner , who also happens to be a hedge fund manager . And I am proud to support the Labour Party . ' The 46-year-old runs a fund for Nevsky Capital and at one point was in charge of more than £2billion of funds . He said his support reflected a belief that 'everyone should contribute to society and that those who are lucky enough to earn a lot should contribute more ' . Mr Taylor is domiciled in the UK for tax purposes . Sir Alistair Graham , the former chairman of the Committee on Standards in Public Life , told the Bureau of Investigative Journalism that the revelation exposed Labour to a charge of hypocrisy and the party should detail all donations . Last night a Labour spokesman said : 'We are grateful to people from all walks of life who support the Labour Party and our better plan . '
at least one of Labour 's biggest private donors is hedge fund boss Martin Taylor . Labour Party has repeatedly refused to reveal the multi-millionaire . Comes as it attacked Tories for being 'the party of Mayfair hedge funds '