Remy W. Trafelet
Remy W. Trafelet | |
|---|---|
| Born | 1970 (age 53–54) |
| Alma mater | Dartmouth College (A.B.) |
| Occupation(s) | Investor and CEO |
| Known for | Trafelet Delta Funds CEO of Alico, Inc. Trafelet & Company, LLC |
| Spouse(s) |
Lara Schmidt Trafelet
(m. 2000; div. 2018) |
| Children | 4 (Remy, Charlotte, Frances, and Bluebell Rose) |
Remy White Trafelet (born March 1970) is an American businessman, hedge fund manager, and investor. He is the President and CEO of investment firm Trafelet & Company, LLC, and Chairman of Hazeltree Treasury Solutions, a company Trafelet founded in 2011. He was previously the President and CEO of Alico, Inc.[1] He is the husband of Lady Melissa Percy, whom he married in 2019.
Career and Education
Trafelet is president and Chief Executive Officer of private investment firm Trafelet & Company, LLC, a company he originally founded as Trafelet Capital Management in 1999.[2] Trafelet is known for his active investment strategy involving hands-on research and in-person visits to likely investment targets.[3] He prefers a bottom-up approach to stock picking rather than top-down sector analysis.[4]
Trafelet graduated from Phillips Exeter Academy and earned an A.B. degree from Dartmouth College. He started his career as an analyst and portfolio manager at Fidelity Management and Research Company. By the age of 25, he was managing a $500 million mutual fund.[5] In 1998 he was hired by Bowman Capital Management, running a diversified stock portfolio that netted an annualized return of 48% over two years.[4]
Trafelet launched Trafelet Delta Funds in November 2000, building the firm to a peak of $6 billion in assets under management in 2006. The firm recorded a 25.1% annualized return from its inception through 2007.[2][5]
The 2008 financial crisis resulted in a 26% fall for Trafelet's flagship fund, which was managing assets from major banks, including Merrill Lynch, Deutsche Bank, and Citigroup.[2][5] While the fund outperformed major stock indices in 2008, large institutional investors and banks were seeking liquidity and freeing up assets to meet their own financial obligations. Trafelet refused to gate redemptions and the subsequent outflow left Trafelet with approximately $3 billion in managed assets by the end of 2008.[6][7]
In January 2014, Tafelet teamed up with George Brokaw, previously a managing director at Highbridge Capital Management, to form Trafelet Brokaw & Co., which he co-managed until 2018.[2][8]
Trafelet founded fintech company Hazeltree in 2011. He is Chairman of the company, which provides treasury solutions to financial institutions and asset managers with over $2.5 trillion in assets under advisory.[9]
In 2016, Trafelet was appointed president and CEO of Alico, Inc., owner of the largest citrus producer in the United States, where he had been serving as director since the purchase of a majority interest in 2013.[10][11][12] Trafelet restructured Alico in 2017, cutting over $20 million in operating costs and reinvesting in citrus production with the replanting of over 400,000 citrus trees. In 2018, he attempted to reconstitute Alico's board, reducing the number of seats and bringing in more independent members.[13] The action was met with resistance from existing board members and a legal battle ensued.[14] Trafelet voluntarily resigned in February 2019 as part of an amicable settlement with Alico. He remains the largest shareholder and a consultant to the company.[15][16]
Trafelet is also the owner and operator of pecan producer Mercer Mill Pecans in the U.S. state of Georgia.[17]
Philanthropy and public positions
Trafelet is on the Executive Committee and Board of the Children's Scholarship Fund and is a former Trustee and Chairman of the Investment Committee at Phillips Exeter Academy.[18][19][20] He is also on the Board of Trustees of the Boys' Club of New York and chairs the organization's Investment Committee.[21] He is President of the Trafelet Family Foundation and serves as a Director of the Atlantic Salmon Federation.[19][22]
Personal life
Trafelet married Lady Melissa Percy in December 2019 at Mercer Mill Plantation in Georgia. The couple had their first child together, daughter Bluebell Rose Trafelet, in February 2020. Trafelet has three children from a previous marriage, Remy, Charlotte, and Franny.[23][24]
References
- ^ "Remy W Trafelet". Bloomberg.
- ^ a b c d Taub, Stephen (February 20, 2014). "Remy Trafelet's Second Act". Institutional Investor.
- ^ Schurr, Stephen (May 24, 2006). "The fund manager who loves to get his hands dirty". Financial Times.
- ^ a b Sargent, Carolyn (September 2006). "Trying Times for Trafelet". Absolute Returns. 4 (5): 22–27.
- ^ a b c Story, Louise (October 13, 2008). "High-Flying Hedge Fund Falls Back to Earth". The New York Times.
- ^ Strasburg, Jenny; Zuckerman, Gregory; Bryan-Low, Cassell (November 22, 2008). "More Hedge Funds Expected to Succumb". The Wall Street Journal.
- ^ Shnayerson, Michael (December 4, 2008). "Wall Street: Profiles in Panic". Vanity Fair.
- ^ "Trafelet Capital Management Becomes Trafelet Brokaw & Co. as George Brokaw Joins as Managing Partner". PR Newswire. January 30, 2014.
- ^ "About Us". Hazeltree Treasury Solutions.
- ^ "Fort Myers firm squeezes leadership team, names new CEO". Business Observer FL. December 2, 2016.
- ^ Josephs, Leslie (December 3, 2014). "Alico Buying 3 Florida Citrus Producers". The Wall Street Journal.
- ^ "New York investors agree to buy large Florida farming company". Reuters. October 18, 2013.
- ^ Layden, Laura (December 11, 2018). "Exclusive: Alico's embattled CEO and president tells his side of the story". Naples Daily News.
- ^ Layden, Laura (December 8, 2018). "Alico's CEO looks to shake up its board of directors". Naples Daily News.
- ^ Layden, Laura (February 12, 2019). "Alico's embattled CEO Remy Trafelet resigns". Naples Daily News.
- ^ "Alico and Mr. Remy Trafelet Reach Amicable Resolution". Globe Newswire. February 11, 2019.
- ^ Bikoff, Mary (July 19, 2019). "She used to live in the Hogwarts castle. Now, Lady Melissa Percy brings British country style to Georgia". Atlanta Magazine.
- ^ "Children's Scholarship Fund Board of Directors". The Children's Scholarship Fund.
- ^ a b "About Remy W. Trafelet". Trafelet & Company, LLC.
- ^ "Phillip Exeter Academy 2018 Financial Report" (PDF). Phillip Exeter Academy.
- ^ "BCNY 2019 Annual Report" (PDF). The Boys' Club of New York.
- ^ "Atlantic Salmon Federation 2017 Annual Report" (PDF). The Atlantic Salmon Federation.
- ^ Cope, Rebecca (February 25, 2020). "The Duke of Northumberland's daughter, Lady Melissa Percy, has given birth to her first child". Tatler Magazine.
- ^ Lawler, Danielle (December 11, 2018). "Lady Melissa Percy takes Manhattan". Tatler Magazine.