Pierre Lagrange
Pierre Philippe Alexandre Lagrange (born 15 March 1962) is a Belgian hedge fund manager, financier, and a co-founder of GLG Partners. His net worth is estimated at £500 million according to the Sunday Times
Early life and education
Lagrange was born in March 1962 in Belgium.[1][2] He received both BS and MS degrees in Business engineering (Ingénieur de gestion) from the Solvay Brussels School of Economics and Management.[3]
Career
Lagrange worked for JP Morgan and Goldman Sachs before co-founding GLG Partners in 1995 with Noam Gottesman and Jonathan Green as a division of Lehman Brothers. The name of the company is composed of the first initials of each of the founder's last names.[4] GLG became independent in 2000 and went public in 2007 listing on the New York Stock Exchange.[5] In 2010, GLG Partners was purchased by the Man Group for US$1.6 billion.[5] The two remaining GLG founders Noam Gottesman and Pierre Lagrange–Greene had left the company prior to the Man Group purchase–each received a $200 million shareholding in the Man Group in return for a three-year promise to stay.[4]
Personal life
In 2008, Lagrange earned £400 million.[2] In 2009, the Sunday Times Rich List reported that his wealth declined £265 million to £195 million due to the credit crunch.[6] In September 2011, his wealth had rebounded to £300 million.[7]
In September 2011, he and his wife Catherine Anspach, with whom he has three children, announced their divorce. The divorce settlement was estimated at more than £160 million. [8]
He owned the Grade II listed Woodperry House in Oxfordshire, before downsizing in 2006 to a country house in Hampshire.[9] In August 2011 he also reportedly sold a house at 17 Kensington Palace Gardens to the Russian-born billionaire Roman Abramovich, for £90 million.[10]
Lagrange spoke of his opposition to Brexit in a 2019 interview with the Financial Times, characterising the 2016 vote as a "red herring" compared to wider problems facing the UK.[11]
References
- ^ "GLG Partners Limited". Companies House. Retrieved 13 September 2015.
- ^ a b This Is Money: "Fund chiefs make £400m each from the crunch" By Robert Lea April 8, 2008
- ^ Solvay Brussels School website: Pierre Lagrange: 'Star Belge de la City" retrieved September 10, 2012
- ^ a b The London Telegraph: "Man Group adds brawn to GLG's brain with $1.6bn takeover" By Helia Ebrahimi May 18, 2010
- ^ a b GLG Partners website: Our Approach retrieved September 10, 2012
- ^ "The Sunday Times Rich List" (fee required). The Times. London. 2011.
- ^ The Independent: "Tycoon Pierre Lagrange comes out – to face UK's most expensive divorce payout" by Rob Hastings September 5, 2011
- ^ The London Telegraph: "Hedge fund boss faces £160m divorce settlement after leaving wife for male fashion designer" By Heidi Blake September 5, 2011
- ^ Mikhailova, Anna (2009-09-20). "Reversal of fortune". London: Sunday Times. Retrieved 2010-05-02.
- ^ Lawrence Hall, Abramovich be eyeing a Kensington Palace Gardens home?, Zoopla, 18 August 2011
- ^ "Subscribe to read | Financial Times". www.ft.com. Retrieved 2020-02-29.
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