Julian Robertson, who co-founded what was once among the world's biggest hedge funds, and in later life had close links to New Zealand, has died at 90.
He rose to become chief executive of Webster Management, Kidder's investment advisory unit and left in 1978. Not all of Robertson's former staff fared well in the hedge fund industry. Dozens of them eventually went on to found their own firms, creating one of the industry's broadest alumni networks. That was followed by the Matakauri Lodge near Queenstown, and The Farm at Cape Kidnappers, Hawke's Bay, which also features a renowned golf course. Viking Global Investors' Andreas Halvorsen, Lone Pine Capital's Stephen Mandel, Maverick Capital's Lee Ainslie and Tiger Global Management's Chase Coleman all started with Robertson. His affection for New Zealand started in 1979, after he decided to visit because it was "not the United States" and which he described as "one of the most beautiful places on Earth".
Billionaire philanthropist Julian Robertson has died, age 90. Robertson died in New York from "cardiac complications", his spokesman told Reuters.
In 2004, Robertson and his wife established the Aotearoa Foundation, which has as its aim to make high-impact grants in New Zealand in education, conservation and environmental stewardship, and medical research. Of that trip, Robertson has said: "My wife and I kind of dropped out and went to New Zealand in 1979 and we came back with another child we hadn't expected to have, made in New Zealand." US-born Robertson developed a love affair with New Zealand during a visit in 1979 and invested and donated millions of dollars to New Zealand over his life.
Here are some reactions and remembrances from prominent investors across Wall Street about the billionaire philanthropist, who they described as “a true mentor” ...
Influential hedge fund manager spawned dynasty of 'Tiger cubs' who trace origins to firm.
“You showed us how the best investors think and invest.” His aim was to find the best 20 stocks to buy, and the worst 20 to bet against. “I had such a good time talking to him that I gave him all of our capital,” he told the Financial Times. “Julian was a legendary investor and a generous mentor,” Laffont, founder of Coatue Capital, said on Tuesday. Stern’s famous interview tests, consisting of about 450 questions, helped Robertson identify the best analysts to recruit. He started Tiger with $8mn in funds, according to his spokesperson, and eventually built it into one of the world’s largest hedge funds with $21bn under management.
Every journalist of a certain age has moments in their career that never leave them, that they regret, Marty Sharpe shares this one.
And those articles are free. We’d bonded, in a way, and to have harked back to the topic of money was, in hindsight, rude. That’s a terrible question.” He squinted his eyes, frowned, shook his head, and said: “What a terrible question. "Isn't that just great? * Not my sort of bloke, generally. He’d built a reputation as a shrewd, prosaic and somewhat ruthless money man. How can you ask a question like that? I never got an answer.
Julian Robertson, a Wall Street investor who with a handful of others pushed short-selling into the mainstream, helping to create the modern hedge fund ...
Robertson as saying, “The mistake that we made was that we got too big.” This meant, he added, that “to make it meaningful we had to buy a huge amount of a company’s stock, and there were only a few companies” where that was an option. In addition to his son Alex and his sister Wyndham, Mr. Robertson single-minded and hypercompetitive, he said it would “thrill” him to be remembered for giving his money away. A statement by his publicist said that over his lifetime he contributed more than $2 billion to charity. In a 2004 biography, “Julian Robertson: A Tiger in the Land of Bulls and Bears,” Daniel A. Steinhardt — was quoted in Sebastian Mallaby’s industry history “More Money Than God: Hedge Funds and the Making of a New Elite” (2010) as saying that if he were to “give my own money to any of them, I would have given it to Robertson.” After its opening in 2000, it was named one of the five best courses in the world by Golfweek magazine. His mother, Blanche, was a local activist whom the mayor called the city’s “biggest cheerleader.” But in 1978, tired of the related marketing chores, Mr. C., the son of a textile executive he said was descended from Pocahontas. Robertson was not only a champion investor — a Business Week cover once hailed him as “the best stock picker on the Street” — but also a mentor to several dozen hedge fund progeny. His legacy included traders known as Tiger “cubs,” who started in his employ and then went out on their own, and Tiger “seeds,” whose budding funds he supported with investment.
Robertson owned the golf courses at Kauri Cliffs and Cape Kidnappers.
Julian Robertson built one of the most successful hedge funds of the late 20th century and later seeded many of his proteges' firms.
and revitalized, Robertson spurned the administrative chores and declining commissions of stockbroking and tried his hand at a new type of firm called a hedge fund at age 48. "Eventually I was right about Witter and wrong on B&W, but I made money where I was wrong and lost money where I was right. A sliding management fee of about 0.8% of assets pays for overhead and backup staff. In 1978, he took his wife and two young children at the time on a year-long sabbatical to New Zealand, where he wrote an autobiographical novel he never published about a young Southern man in New York City. “If I were starting out now, I would look at what the competition is like in various fields–and then consider some that aren’t so popular.” Also, as general partner his stake in the profits is 20%, some $5 million last year. His $24 million gift in 2000 established the Robertson Scholars program, which gives students at his alma mater UNC and its neighboring rival Duke full rides and encourages collaboration between the two schools. He and his partner Thorpe McKenzie started Tiger Management in 1980 with $8.8 million, including $1.5 million that made up essentially all of their own available capital. His Tiger Management returned 32% annually from its launch in 1980 through 1998, and assets peaked at $22 billion before a short bet gone wrong against the Japanese Yen led to a wave of withdrawals. Robertson closed the firm in 2000 and seeded some of today’s most notable and successful hedge funds, known as Tiger Cubs, including Chase Coleman’s Tiger Global, Philippe Laffont’s Coatue Management and Stephen Mandel’s Lone Pine Capital. Starting a hedge fund was a second career for Robertson, a native of Salisbury, North Carolina who graduated from the University of North Carolina in Chapel Hill. But in a hedge fund you get paid on your batting average.
Julian Robertson Julian Robertson, the UNC-Chapel Hill alumnus and Duke parent whose gift established a successful and unusual program where students ...
The ripple effects of his legacy are felt through our lives, our campuses, our communities and across the globe, and we are committed to carrying his legacy forward.” In addition to the Scholars program, the Robertson Foundation has supported research efforts in medicine at Duke. “All of us who knew Julian Robertson are forever grateful for his extraordinary vision and steadfast commitment to his home state, a remarkable legacy that will live on at Duke and in North Carolina for decades to come,” said Duke President Vincent Price. This year, there are 125 Robertson Scholars across the two campus. Robertson touched many lives through his work to establish The Robertson Scholars Leadership Program,” said Andrew Lakis, executive director of the Robertson Scholars. Each year, the program funds scholarships for 18 students each from Duke and UNC-Chapel Hill, who enjoy full privileges at both universities.