Paul Singer

Paul Singer is the founder of hedge fund firm Elliott Management, which oversees $21 billion in assets.

Paul Elliott Singer (born August 22, 1944) is the founder and CEO of hedge fund Elliott Management Corporation and The Paul E. Singer Foundation

Paul-Singer-Elliott

Singer grew up in a Jewish family  in Tenafly, New Jersey, one of three children of a Manhattan pharmacist and a homemaker.

He obtained his B.S. in psychology from the University of Rochester and a J.D. from Harvard Law School.[

In 1974, Singer accepted a job as an attorney in the real estate division of the investment bank Donaldson, Lufkin & Jenrette.

 

Paul_SingerIn 1977, Singer founded the hedge fund Elliott Associates L.P. with $1.3 million from various friends and family members.

Elliott Management Corporation oversees Elliott Associates and Elliott International Limited, which together have more than $21 billion in assets under management.

According to The Guardian, “Elliott’s principal investment strategy is buying distressed debt cheaply and selling it at a profit or suing for full payment.”

 

A 2012 CNN profile of Singer noted that losses sustained early in his career led to a “risk aversion that still guides his investing today. For example, he rarely uses leverage to juice returns.” Thanks to his caution, “Elliott has had only two down years” since 1977, rising “4.2% in 2011, a year in which most hedge funds lost money.”

According to CNN, Singer focused from early times “on distressed assets,” buying up bankrupt firms’ debt and acquiring “a reputation for strong-arming his way to profit.”

 

Elliott has been involved “in most of the big post-crash restructuring, including Chrysler and auto parts supplier Delphi.” Over Elliott’s history, it has averaged 14 percent annual returns, compared with 10.8% for the S&P 500 stock index as a whole.

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Paul Singer is the founder of hedge fund firm Elliott Management, which oversees $21 billion in assets. Its two main funds returned more than 12% in 2012.

Paul  Singer’s hedge fund has been waging a high-profile battle with Argentina over defaulted bonds, going so far in 2012 as to convince the government of Ghana to at one point take possession of an Argentine naval vessel.

 

Elliott’s investments include backing the movie version of Les Miserables and a lawsuit against Walt Disney Co., over Stan Lee’s iconic superhero characters. The hedge fund also frequently takes activist positions, like its recent investment in Hess Corp.

 

A former Wall Street lawyer, Singer has been a big supporter of Republican political causes and gay rights. He played a major role in the passage of marriage equality in New York.

Singer’s focus on distressed assets from early in his career led to what Fortune magazine called “a reputation for strong-arming his way to profit”.

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