Glenn Dubin

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Glenn Dubin
Born (1957-04-13) April 13, 1957 (age 57)
Washington Heights, Manhattan, New York
Nationality United States
Ethnicity Jewish
Alma mater Stony Brook University (B.A.)
Occupation Hedge fund manager
Net worth Increase 1.7 billion USD (March 2013)[1]
Spouse(s) Eva Andersson
Children 3
Parents Harvey Dubin
Edith Dubin

Glenn Dubin (born April 13, 1957) is the Co-Founder and Chairman of Highbridge Capital Management, an alternative asset management company based in New York City, and a founding board member of the Robin Hood Foundation.

Early life[edit]

Glenn Russell Dubin was born in 1957 in the Washington Heights section of upper Manhattan, which at one time was a neighborhood populated by Europeans fleeing Nazi Germany.[2] He is the oldest son of Harvey and Edith Dubin. His father was a taxi driver of Russian Jewish descent who later worked in dress manufacturing. His mother was an Austrian Jewish immigrant who worked as a hospital administrator.[3][4][5]

Dubin attended public school at Washington Heights' P.S. 132 and went on to Stony Brook University, where he graduated in 1978 with a degree in economics. He was also a member of the school’s football and lacrosse teams.[6]

Professional Life[edit]

Dubin began his career in finance as a retail stock broker at E. F. Hutton & Co. in 1978. He was joined in 1984 by childhood friend Henry Swieca, and the pair started Dubin & Swieca, an early "fund of funds" business that constructed multi-manager hedge fund portfolios guided by the principles of modern portfolio theory. In 1992 they started Highbridge Capital Management with $35 million in capital, naming the firm after the 19th Century aqueduct that connects Washington Heights with the Bronx.

Highbridge Capital Management is an institutional alternative asset management company which, together with its affiliates, manages approximately $27 billion in capital. The firm is based in New York with offices in London and Hong Kong.

In late 2004, J.P. Morgan Asset Management—a division of JPMorgan Chase—purchased a majority interest in Highbridge.[7] In July 2009, J.P. Morgan Asset Management completed its purchase of substantially all remaining shares of the firm—a transaction that was reputedly worth more than $1.3 billion.[8] A handful of hedge fund founders have successfully transitioned ownership of their business to employees, while others have opted to sell the management company or part of it to a larger financial institution. This strategy has produced mixed results. JP Morgan’s acquisition of Highbridge Capital Management, with co-founder Glenn Dubin remaining at the helm as CEO, is generally seen an example of a model succession.[9]

Following the Highbridge/J.P. Morgan partnership, Highbridge announced in October 2010 the purchase of a majority interest in Gávea Investimentos, a leading alternative asset management company in Brazil. Gávea was co-founded in 2003 by Chairman and Chief Investment Officer Arminio Fraga, former President of the Central Bank of Brazil.

In October 2012, it was announced that Glenn Dubin, Paul Tudor Jones and a group of commodity market luminaries were to buy the merchant energy operation Louis Dreyfus Highbridge Energy (“LDH Energy”). Founded in 2006 as a joint venture between the Louis Dreyfus Group and Highbridge Capital Management, LDH Energy has a significant presence in the North American energy markets. The new company will be called Castleton Commodities International, LLC.[10]

Personal life[edit]

In 1994, Dubin married Dr. Eva Andersson, M.D. and the couple has three children. Dr. Andersson-Dubin was born in Sweden where she was educated and began her medical training at the Karolinska Institute School of Medicine in Stockholm. She received her M.D. from UCLA in 1989 and is now an in-house physician at NBC Network.[11] Dr. Andersson-Dubin is also a former Miss Sweden (1980). The Dubins live in Manhattan and own property in Westchester County, Colorado, and Sweden.

Philanthropy[edit]

In 1987, Dubin was asked by fellow hedge fund manager and close friend Paul Tudor Jones to join him and Peter Borish in a venture philanthropy project Jones had conceived and started. The resulting Robin Hood Foundation has raised and granted more than $1 billion to fight poverty in New York City.[12] The foundation finds, funds, and creates programs and schools that generate measurable results for families in New York's poorest neighborhoods. A rigorous system of metrics and third-party evaluation of these groups guarantees accountability. The board pays all administrative, fundraising, and evaluation costs, allowing 100% of donations to go directly to organizations helping New Yorkers in need. Dubin has served on the board since its founding, is a former Board Chair, and sits on the Jobs and Economic Security subcommittee.

In 2010, Dubin gave $5 million to Harvard University to establish the Dubin Fellowship for Emerging Leaders at the Harvard Kennedy School’s Center for Public Leadership. The gift provides tuition for up to ten students each year, characterized as “strategic investments in outstanding individuals with demonstrated promise.”[13] Dubin is a member of the Dean's Executive Committee at the Kennedy School.

Glenn Dubin is also a trustee of the Mt. Sinai Medical Center. He and his wife funded the Dubin Breast Center at Mt. Sinai in 2010 to provide comprehensive integrated breast care in a patient-centered environment. The multidisciplinary Center is headed by co-directors Dr. George Raptis and Dr. Elisa Port.[14]

In addition, the Dubins have funded the Dubin Family Athletic Performance Center at State University of New York at Stony Brook.[15]

On April 19, 2012 it was reported on CNN Money than Glenn Dubin signed The Giving Pledge, created by Bill Gates and Warren Buffett. The commitment of the pledge is to give away at least 50% of wealth to charity during life or at death.[16]

References[edit]

  1. ^ The World's Billionaires: Glenn Dubin March 2013
  2. ^ "Washington Heights, Manhattan". Wikipedia. Retrieved 12 October 2010. 
  3. ^ Chang, Victoria and Bator, Julia (2010). "Highbridge Capital Management: Building a Sustainable Organization," Stanford Graduate School of Business/Harvard Kennedy School, Case OB-77, p. 6.
  4. ^ Bloomberg News: "Highbridge Duo Survives Rout After Hedge Fund Sale to JPMorgan" By Richard Teitelbaum and Jenny Strasburg February 29, 2008
  5. ^ Institutional Investor: "Inside Highbridge" June 24, 2004
  6. ^ "Athletics Receives $4.3M Gift for New Strength Facility". Stony Brook University. Retrieved 12 October 2010. 
  7. ^ "J.P. Morgan: Direct Hedge Funds". J.P. Morgan. Retrieved 13 October 2010. 
  8. ^ "J.P. Morgan Asset Management to complete purchase of Highbridge". J.P. Morgan. Retrieved 12 October 2010. 
  9. ^ Kris Devasabai. "Hedge fund managers contemplate succession planning in wake of Soros exit announcement Soros, Singer and succession planning". Retrieved 8 August 2011. 
  10. ^ http://www.ft.com/intl/cms/s/0/2836997a-0c9d-11e2-a776-00144feabdc0.html#axzz2EDSNug8S
  11. ^ directors "About Us: Board of Directors". The Michael J. Fox Foundation for Parkinson's Research. Retrieved 29 October 2010. 
  12. ^ Serwer, Andy (18 September 2006). "The legend of Robin Hood". Fortune Magazine. Retrieved 29 October 2010. 
  13. ^ "Gift launches fellowship fund". Harvard Gazette. Retrieved 29 October 2010. 
  14. ^ "Eva Andersson-Dubin, MD and Glenn Dubin's donation establishes Dubin Breast Center". The Mount Sinai Medical Center. Retrieved 29 October 2010. 
  15. ^ "Athletics Receives $4.3M Gift for New Strength Facility". Stony Brook University. Retrieved 29 October 2010. 
  16. ^ "12 more billionaires sign on to Buffett/Gates pledge". CNN. Retrieved 20 April 2012.