Elliot Investment Management is an American investment management company and they are one of the largest activist funds in the world. The history of the company dates back almost 46 years.
Paul Singer founded the company in 1977. Singer, who had been described as one of the smartest and toughest money managers in the hedge fund industry, is also the current CEO of the company.
Paul Singer was just around 33 years of age when he founded the company. Paul Singer started the company in 1977 with a capital of $1.3 million that he got from his friends and family. Elliott was the middle name of Paul, and he chose the same name for his company.
With a very humble start, the company grew rapidly throughout the years and as of now, Elliott Investment Management manages approximately around $55.7 billion and has around 499 staff employed at the company.
Elliot Investment Management is one of the oldest of its kind that operates under continuous management.
Elliot Invest Management – A Brief History
Elliot Invest Management, the investment management company, was founded in 1977 by Paul Singer. Born in 1944 in Teaneck, New Jersey, Paul Singer attended the University of Rochester and received his bachelor’s degree in psychology in 1966.
He also received a J.D. from Harvard Law School in 1969. Singer took up the career of an attorney and worked in the real estate division of the investment bank Donaldson, Lufkin & Jenrette.
Paul Singer left his job in law to start his own company and Elliott was the final answer. He started the company with $1.3 million that he received from his friends and family.
The British broadcast newspaper The Telegraph describes Elliot as one of the oldest hedge funds on Wall Street.
Elliot Investment Management – The Management Team
Elliot Investment Management was founded by Paul Singer. Currently, he holds different positions like President, co-chief executive officer, and co-chief investment officer of the firm. Apart from the mentioned titles, Paul Singer is also a member of the Management, Risk, Valuation, and Global Situational investment committees.
Along with Paul Singer, the roles of chief executive officer and chief investment officer are also shared by Jonathan Pollock. He is also the chief trading officer of the company.
Jonathan Pollock had been a part of Elliot since 1989. He joined the company as an analyst and later on, he went on to open offices for Elliot in London, Hong Kong, and Tokyo, and overlooked and led the firm’s business in Europe and Asia.
Paul Singer’s son Gordon Singer also holds a respectable position within the company. His main duty includes overseeing global situational investing terms. Gordon Singer had been the head of Elliott’s London office since 2009.
The management team of the company also includes names like Steve Cohen, who is an equity partner and also a member of the Management, Risk, Valuation, and Global Situational investment committees, Jesse Cohn who is an equity partner and managing partner, the senior portfolio manager Dave miller and a few more.
Elliot Investment Management – Subsidiaries
Being one of the oldest fund managers of its kind under continuous management and with a history of almost five decades, the company also owns different subsidiary companies. Some of the prominent subsidiaries owned by Elliot Investment Management include;
- Hambledon, Inc.: a corporation that is located in the Cayman Islands. The establishment is the sole general partner of Elliot International and is controlled by Paul Singer.
- NML Capital: NML Capital Limited, known for the infamous case with Argentina, is a subsidiary of Elliott Investment Management.
- MaidenHead LLC and Warrington LLC: The entities that specialize in providing different investing strategies to their customers operate in the United States and are a subsidiary of Elliot Investment Management.
- Manchester Securities Corporation: The firm that operates as a securities brokerage firm is a unit of Elliot Investment Management.
- Kensington International Limited: Kensington International Limited is a global real estate brokerage company and is a part of the Elliot Group.
- Elliott Advisors (UK) Ltd: London-based advisor to Elliot
- Elliott Advisors (HK) Ltd: The Hong Kong arm of the company
While these are some of the most notable subsidiaries of Elliott Investment Management, they also have numerous other subsidiaries and units.
Elliott Investment Management – Net Worth
Elliot Investment Management is one of the largest activist funds in the world and the company has a track record of almost five decades. The estimated net worth, of Elliott Investment Management, is around $744 million as of 2023.
The company also owns shares in multiple companies which also adds to its massive net worth. Elliott is the 10% owner of Peabody Corps and they own around $583 million worth of shares of the company.
Elliot also owns another 10% of shares of E2open Parent Holdings Inc, and the shares are said to be worth $160 million. As per the latest reports, Elliott manages around $55.7 billion worth of assets.
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Elliott Investment Management – Investments and Restructuring
Elliot Investment Management is known for restructuring some of the major firms in the United States like TWA, MCI, WorldCom, and Enron. Not only the companies in the United States, but they are also restructuring overseas companies like Telecom Italia ApA and Elektrim.
Investments
- Twitter: Elliot Investment Management had shares worth around $2 billion in Twitter and also nominated three directors to the board of Twitter Inc, in February 2020. The company excited Twitter after Elon Musk made its tender offer in June 2022. Leaving Twitter benefited the company to gain by over two years of almost 33% of the investment.
- Time Equities: The company stated its investments in distressed real estate since 2010. The company saw great opportunities in Japanese and German real estate and by 2015 they were interested in Spain and Italy as they offered attractive opportunities for investments. In 2013 they teamed up with Time Equities and became partners on different projects with the firm.
- Solar Projects in the UK: According to a report by The Telegraph, the management arm of Elliott in the UK, Elliott Advisors (UK) Ltd had invested in half a dozen unnamed solar power projects across the country.
- Ahold Delhaize: It was revealed by Elliott Advisors in 2021 that the firm was a large investor in Ahold Delhaize, which is Europe’s largest supermarket business. They also mentioned that the company had a 3% economic interest in the business, which is valued at approximately $1 billion.
While these are some of the major investments that Elliott Investment Management has, they also have associations with different major firms, not only in the United States but both in Europe and Asia as well.
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