Elliott London departures
Hi all,
In this morning's Due Diligence (FT newsletter) there's a segment on departures from Elliott in London - quite a few PMs across public equity, privates, real estate. Anyone has any idea what's going on? There's very little context obviously, but it doesn't seem to be performance driven (I was under the impression they were doing quite well in Europe, and with the cycle turning as it has, they should have quite a bit of work to do these days).
Overheard that they seem to be run out of US. Also lack of sizable special sits in Europe.
Yes, they're ran from the US ofc, Singer's son runs the London office though and they have pretty large autonomy for Europe and Asia (Asian office closed and moved ops to London).
Don't agree with your 2nd point: they've been quite active around here in equity activism and they're a key player in large-cap distressed. While I agree the latter hasn't been that prolific in the past 10-12 years, why would you start firing now when the cycle is finally turning?
Not really, what campaigns in equities in Europe have they run in the past year? Can’t remember any at all.
Have any former Elliott team members from the London office set up their own funds in Europe ?
Several, the most recent I think is Frank Tuil with Sparta. Not sure about these recent departures though (from the FT article I mean)
Great thanks, is hiring for these types of funds typically very unstructured ?
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Just read in the FT that Nabeel Bhanji, Elliott’s last senior portfolio manager in London focused on activist investing, has left to join Citadel. This marks the latest in a series of high-profile departures from Elliott in recent years, including:
Do you think these exits reflect the ambitions of senior investors to establish their own firms, or could they signal Elliott’s retreat from activist strategies in Europe?
Elliott is still and probably will continue to be active in Europe. Nabeel was a rockstar though.
How much did Citadel guarantee him you think?
Since when is joining another family office a step up with all due respect? Have they actually replaced any of the PMs? Outside in seems the London office is almost dead?
It's not dead, they do have turnover, but lots of internal promotes
Hope so. For years, Elliott has been the only “sheriff in town” when it comes to activism in Europe. From my understanding, all of Elliott’s European campaigns in the last few years were led by Nabeel: Anglo American, Scottish Mortgage Trust, Vantage Towers, Subsea 7, and Swedish Match. His departure will definitely leave a void
Didn't want to create a new thread for this, and appreciate any views/experiences.
Anyone know if you'd be taken seriously or the chances for someone w ~2 YOE from a MF PE shop as An?
Joined a BX/KKR/Bain with no banking exp but lots of OCs previously, and received Elliott inbound but not sure if foolish to assume I have enough
A friend of mine that is at Elliott (London) came from KKR. However, he had a bit more experience than you. If you received an inbound - should be fine to assume you have a chance.
Sounds good, just debating because I don't want to embarrass myself haha
The guy at BI has some real sources. This is the second article that got like maybe 2/3rds of things right.
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