Philippe Jabre

Former managing director of GLG Partners, a UK based hedge fund. Mr Jabre, born in 1960 in Beirut, Lebanon, is an accomplished skier. He is married with four children.

He earned an MBA from Columbia Business School in 1981^[1], where he is a member of the Board of Overseers. He trained at JP Morgan and then BNP Paribas the French bank where he specialized in convertible bond arbitrage.

After joining GLG in the 1990s and having a significant impact on the hedge fund's growth and success, Jabre left GLG during a 2 year investigation by the FSA. Individuals familiar with the firm say GLG came to view Mr. Jabre as someone who took unnecessary risks. Jabre was fined £750,000 for market abuse in 2006 for breaching FSA principles. This is the largest fine the FSA has issued against an individual.

Market Abuse

From the FSA website: "On 11 February 2003 Mr Jabre was 'wall crossed' by Goldman Sachs International as part of the pre-marketing of a new issue of convertible preference shares in Sumitomo Mitsui Financial Group Inc (SMFG). Mr Jabre was given confidential information and agreed to be restricted from dealing SMFG securities until the issue was announced. Mr Jabre breached this restriction by short selling around $16 million of SMFG ordinary shares on 12-14 February 2003. When the new issue was announced on 17 February 2003, Mr Jabre made a substantial profit for the GLG Market Neutral Fund." At first he planned on appealing the fine, but then withdrew his appeal.

According to Bloomberg Jabre has traded on privileged information more than once. He sold shares of Alcatel SA in 2002 after Deutsche Bank AG alerted him to an Alcatel convertible bond sale. Although the French AMF did not fine Jabre individually, they fined GLG Partners 1.2 million euros ($1.6 million) for this transgression.

New Fund

On October 11th 2006 it was announced that that Phillippe Jabre was set to open a new hedge fund in Geneva, Switzerland, after his non-compete contract with GLG Partners expired. The fund opened in February 2007 and was one of the largest new launches in recent years, as many of Jabre's old clients, followed him to his new venture along with a significant number of new investors. The fund - JabCap Multi Strategy Fund - closed very shortly afterwards with about $4 billion under management.

After losing 10% in September 08 and 15% October 2008 Jabre had to lay off most of his employees and wind down his convertable arbitrage fund.

Sources

References

^ "Columbia Business School Alumni, Events Round-Up". Columbia Business School. 2004-04-14. Retrieved 2008-03-10.

[1] "Columbia Business School Alumni, Events Round-Up". Columbia Business School. 2004-04-14. Retrieved 2008-03-10.

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