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.'
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'