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FB Roundup: Kering, Koch and Soros, and Tipping Point Fund

December 12, 2019

Pinault family’s Kering explores a Moncler takeover, Charles Koch and George Soros unite against the US war industry, and Blue Haven, Rockefeller and Ford foundations help launch an impact fund.

Pinault family’s Kering explores Moncler takeover

The rivalry between the Pinault and Arnault luxury family businesses appears to be intensifying with Kering in talks to acquire Moncler only weeks after LVMH bought Tiffany and Co for $16 billion.

FB Roundup: Pritzker, Bonderman and JAB

June 25, 2019

US billionaire families call for tax on extreme wealth, Billionaire David Bonderman’s family office invests in fertility chain, and JAB bolsters pet holdings with global vet acquisition.

US billionaire families call for tax on extreme wealth

A group of US billionaires and their families have called for a new government wealth tax to address income inequality and provide funding for climate change and public health initiatives.

The group, including financier George Soros and his son Alexander, heiresses Liesel and Regan Pritzker, Abigail Disney and Facebook co-founder Chris Hughes, released a bipartisan letter asking the US 2020 presidential candidates to support a tax on the wealthiest American dynasties.

Long-serving Soros employee becomes family office’s new CIO

January 13, 2016

One of the world’s most successful hedge funds turned family office, Soros Fund Management, has promoted Ted Burdick as chief investment officer (CIO) five months after its top investor Scott Bessent left the family firm to launch his own $4.5-billion macro fund.

Formerly the head of distressed debt and arbitrage, Burdick’s promotion will make him the fund’s sixth CIO since 2000 – and the third to be recruited internally.

Betting on a troubled world

December 1, 2014

Russian aggression in Ukraine, Ebola in West Africa, Middle Eastern conflict, US midterm elections and a continuing debt crisis in Europe. Even if global macro funds are poor performers, geopolitics and macroeconomic data needs to be central to your asset allocation decision-making.

In terms of performance, hedge funds have had it rough the past few years. And of all the alternative investment styles, global macro has arguably had it the worst. Global macro strategies try to forecast macroeconomic developments around the world, such as interest rates, geopolitics, government policies and so on.

Koplowitz family halves stake in 80-year-old family business

November 28, 2014

Spain’s Koplowitz family has halved its stake in multibillion euro infrastructure company Fomento de Construcciones y Contratas, in a deal with the family of Mexican entrepreneur Carlos Slim.

Spain’s Koplowitz family has halved its stake in multibillion euro infrastructure company Fomento de Construcciones y Contratas, in a deal with the family of Mexican entrepreneur Carlos Slim.

The deal is part of a $1.3 billion capital raise, which aims to reduce the company’s debt. It is the first time in the company’s eight-decade history that the Koplowitz family won’t have a controlling majority stake in the firm.

Scion of an entrepreneurial family, Paul Soros, dies

June 17, 2013

Paul Soros, the engineer, shipping magnate, philanthropist and elder brother of billionaire George Soros, died on 15 June, aged 87.

Soros's son ‘to establish own family office’

April 2, 2012

Jonathan Soros, the son of billionaire investor George Soros, is reportedly setting up his own family office in a bid to independently manage part of his personal fortune.

According to Reuters, which quotes two people familiar with the situation, Jonathan is also planning to hire David Kulsar, who currently serves as chief risk officer at Soros Fund Management, the investment firm established by the elder Soros in 1969.

Talpion hedge fund to become family office

December 16, 2011

Henry Swieca is reportedly following the example of George Soros and turning his $500 million (€383.6 million) hedge fund Talpion Fund Management into a family office.

The move comes ahead of new Securities and Exchange Commission regulations, which require hedge funds to register with the SEC by March 2012 if they want to manage the money of outside investors.

According to Bloomberg, 54-year-old Swieca will return about $100 million to outside investors.

Newly formed family office appoints CIO

September 20, 2011

Soros Fund Management, founded by legendary investor George Soros, has appointed former employee Scott Bessent as chief investment officer to oversee the family’s money.

The New York-based single family office also announced that Soros’s son Jonathan, who was co-deputy chairman, will step back from the fund’s day-to-day management, and will become chairman of the family’s foundation.

Firms ‘in state of denial’ over Dodd-Frank Act

August 10, 2011

Many finance and family offices professionals are in a state of denial over the imminent implementation of the Dodd-Frank Act, according to the IMS Group’s Jonathan Wilson.

Figures from the professional financial services group show that three-quarters of non-US based finance professionals working in the alternative investment industry are unprepared for the Dodd-Frank Act.