He runs the world's largest activist fund with $ 35 billion in assets. He is also a fervent supporter of the Republican Party
Paul Elliott Singer (USA, August 22, 1944) heads the world's largest activist fund with $ 35 billion in assets: Elliott Management Corporation, which has been described as a vulture fund to invest in companies and distressed sovereign bonds. He is also a fervent advocate of the Republican Party and, at the same time, same-sex marriage.
Singer grew up in New Jersey, a Jewish family. He is one of the three children of a pharmacist and a housewife. He graduated in Psychology from the University of Rochester in 1966 and in Law from Harvard in 1969.
In 1974, he began working as a lawyer in the real estate division of investment bank Donaldson, Lufkin & Jenrette.
In 1977, he set up his own investment company, Elliott Associates. It started with $ 1.3 million of friends and family. In its early years, the company focused on convertible arbitrage: revenue generation from the sale of short- and long-term equities for the purchase of fixed-income securities. The losses of his first forays into the market have caused him a risk aversion that still survives.
Since the stock market crash in 1987 and the recession of the early 1990s, the company has been transformed into a multi-strategic hedge fund. Elliott is characterized by its relatively high yields, which generally exceeded the S & P 500, and its low volatility, indicates five days.
In addition to troubled companies, since the mid-1990s it has purchased debt from countries in difficulty, such as Peru and the Republic of Congo. He has maintained a 15-year process with Argentina to pay its bonds, something that ended in 2016 (2,100 million euros).
Such a claiming policy in the courts has earned him criticism, but he has always defended it as a "fight against charlatans who do not follow the laws of the market." Others hold this to be a way of maintaining control over kleptocratic governments.
In the USA he is clear: he is a Republican. Among the politicians he has supported are George W. Bush, Rudolph Giuliani, Mitt Romney and Marco Rubio, who lost in the senior against Donald Trump. He is a staunch opponent to raise taxes for the rich.
"Resentment is not morally superior to making money," he says.
In the conservative environment, Singer is a rare avis for his involvement in the causes of homosexuals, which has its origin in the exit of the closet of his son Andrew, in 1998, at the age of 21. As he told Bloomberg, that made him think about it and start funding the cause, first anonymously and then openly.
In his philanthropic profile, he supported various Jewish and Israeli causes. He also signed The Promise to Give, a commitment to donate more than half of his wealth while he's alive.
He has been divorced since 1996. With Andrew and his other son, Gordon, on guitar and drums, and with Andrew's husband on the saxophone, he forms a family bandSinger (English singer) began studying classical piano at age 10. He likes Led Zeppelin and came to play at a private party with Meat Loaf. Singer lives in New York's Upper West Side and has a home in Aspen, Colorado.
His friends, according to Fortune, say he has an ironic sense of humor and a propensity to investigate mysterious details by offering his recipes or financial analysis.
Elliott participated in the restructuring of the missing airline company TWA and Enron and, more recently, Chrysler. In 2015, he opposed Samsung's purchase of its own construction subsidiary; Two years later, Jay Lee, the director in charge of the operation, was convicted of bribing the Korean president to allow the operation.
Last July, it took 99.9% of Milan's shares. His son Gordon, who works at Elliott, is a fan of the Arsenal football team in London, although that did not prevent Milan from taking over its chief executive Ivan Gazidis.
Elliott controls two-thirds of the board of Telecom Italia, and on November 18 appointed Luigi Gubitosi as CEO, to the detriment of the candidate of the other major shareholder, Vivendi. This week it was also known that he has a stake in the Bayer pharmaceutical company for a year, and that he bought 2.5% of the French company Pernod Ricard. Hyundai, for its part, made changes in direction, according to what Elliot claimed.
At age 74, old rocker Singer will continue to monitor that businesses are well-managed and states pay what they owe: a hostile role that someone has to do.
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