Philippe Jabre

Last updated
Philippe Jabre
Born1960
Beirut
NationalityLebanese
OccupationHedge Fund Manager
Title CEO, CIO of Jabre Capital Partners S.A
Children4

Philippe Jabre is the founder, CEO and CIO of Jabre Capital Partners S.A, a Geneva-based wealth and asset management firm and multi-family office, [1] and a former managing director of GLG Partners, a UK-based hedge fund.

Contents

Early life

Jabre, born in 1960 in Beirut, Lebanon, studied at college Notre-Dame de Jamhour.

He graduated from Concordia University in 1980 with a BBA [2] and earned an MBA from Columbia Business School in 1982, [3] where he is a member of the Board of Overseers.

Career

Jabre trained at JP Morgan and then BNP Paribas the French bank. In his 16 years there, he specialised in the budding market for convertible arbitrage, a strategy that involved buying a company’s convertible bonds and selling short the company’s stock. [4]

GLG Partners

After joining GLG in 1997 and having a significant impact on the hedge fund's growth and success, Jabre left GLG after 9 years in 2006, 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 was, at that time, the largest fine the FSA had issued against an individual.

Financial Services Authority (UK) Fine

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." [5] At first he planned on appealing the fine, but then withdrew his appeal.

The FSA's Regulatory Decisions Committee “decided that Mr Jabre did not deliberately commit market abuse, ruling that he did not violate the FSA’s Principle 1 governing market integrity”. The Committee opted not to ban or suspend Jabre. [6] In an interview with CNBC, Jabre asserted that “when he was fined in London for market abuse, the rules and regulations were "not as clear" as they are now" [7]

Jabre Capital Partners

On October 11, 2006 it was announced that Philippe 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 $5 billion under management [1] and Jabre Capital Partners having been one of the largest hedge funds in Switzerland at the time. [8]

In 2018 Mr Jabre decided to draw a line under his hedge fund activities. He returned external capital in the funds as part of a restructuring of the firm, and decided to refocus on its historical wealth management activities. Since June 2020, Jabre Capital Partners has relaunched its asset management activities focused on the firm’s core strategies. [1]

Brasserie Almaza

In 2018 Mr Jabre decided to draw a line under his hedge fund activities. He returned external capital in the funds as part of a restructuring of the firm, and decided to refocus on its historical wealth management activities. Since June 2020, Jabre Capital Partners has relaunched its asset management activities focused on the firm’s core strategies. [1]

Jabre Capital Partners is an active member of the Association Suisse des Gérants de Fortune (ASG). [9]

Awards and industry recognition

In 2013 Jabre Capital was one of Europe's top-performing hedge funds [10] and won EuroHedge’s Management Firm of the Year award. [11]

In March 2014 the firm won three awards at the HedgePo Investors Choice Awards: Fund of the Year, Global Equity Fund of the Year and Global Multi-strategy Fund of the Year. [12]

Mr. Jabre also wrote the foreword of The Handbook of Convertible Bonds: Pricing, Strategies and Risk Management of Jan De Spiegeleer and Wim Schoutens [13]

Personal life

He is a skier. He is also married [14] with four children. Philippe is a trustee for the American University of Beirut. [15]

He is also the founder of the not-for-profit Association Philippe Jabre (APJ) based in Beirut, which provides financial aid to Lebanese people in need, including the distribution of university grants to students seeking to pursue higher education and post doctorates. [16] Between 2001 and 2021, the APJ granted university scholarships to 2,568 students, according to their website. [17]

His house above Beirut, a family property creatively renovated after suffering heavy damage during the Lebanese Civil War, was designed by architect Nabil Gholam. [18]

Related Research Articles

A hedge fund is a pooled investment fund that trades in relatively liquid assets and is able to make extensive use of more complex trading, portfolio-construction, and risk management techniques in an attempt to improve performance, such as short selling, leverage, and derivatives. Financial regulators generally restrict hedge fund marketing to institutional investors, high net worth individuals, and accredited investors.

Long-Term Capital Management L.P. (LTCM) was a highly-leveraged hedge fund. In 1998, it received a $3.6 billion bailout from a group of 14 banks, in a deal brokered and put together by the Federal Reserve Bank of New York.

In the field of finance, the term private equity (PE) refers to investment funds, usually limited partnerships (LP), which buy and restructure financially weak companies that produce goods and provide services. A private-equity fund is both a type of ownership of assets and is a class of assets, which function as modes of financial management for operating private companies that are not publicly traded in a stock exchange.

<span class="mw-page-title-main">D. E. Shaw & Co.</span> U.S.-based investment management firm

D. E. Shaw & Co., L.P. is a multinational investment management firm founded in 1988 by David E. Shaw and based in New York City. The company is known for developing complicated mathematical models and sophisticated computer programs to exploit anomalies in the financial market. D. E. Shaw & Co. manages $55 billion in AUM, $35 billion of which are alternative investments and the remaining $20 billion long-oriented investments. In 2018, Institutional Investor reported that among hedge funds, D. E. Shaw & Co. had delivered the fifth-highest returns in the world since its inception.

Liquidity risk is a financial risk that for a certain period of time a given financial asset, security or commodity cannot be traded quickly enough in the market without impacting the market price.

Event-driven investing or Event-driven trading is a hedge fund investment strategy that seeks to exploit pricing inefficiencies that may occur before or after a corporate event, such as an earnings call, bankruptcy, merger, acquisition, or spinoff. In more recent times market practitioners have expanded this definition to include additional events such as natural disasters and actions initiated by shareholder activists. However, merger arbitrage remains the best-known investment strategy within this group.

Financial risk management is the practice of protecting economic value in a firm by using financial instruments to manage exposure to financial risk - principally operational risk, credit risk and market risk, with more specific variants as listed aside. As for risk management more generally, financial risk management requires identifying its sources, measuring it, and the plans to address them. See Finance § Risk management for an overview.

<span class="mw-page-title-main">Man Group</span> British alternative investment management business

Man Group plc is an active investment management business listed on the London Stock Exchange. It provides a range of funds across liquid and private markets for institutional and private investors globally and is the world's largest publicly traded hedge fund company, reporting $151.4 billion in funds under management as of March 2022. The firm is headquartered at Riverbank House in London and employs over 1,400 people in various locations worldwide. The company was a sponsor of the Man Booker Prize from 2002 to 2019.

<span class="mw-page-title-main">Citadel LLC</span> American hedge fund and financial services provider

Citadel LLC is an American multinational hedge fund and financial services company. Founded in 1990 by Kenneth C. Griffin, it has more than $50 billion in assets under management as of May 2022. The company has over 2,600 employees, with corporate headquarters in Miami, Florida, and offices throughout North America, Asia, and Europe. Founder, CEO and Co-CIO Kenneth C. Griffin owns approximately 85% of the firm.

<span class="mw-page-title-main">Liongate Capital Management</span>

Liongate Capital Management was a global investment management firm, focused on creating and managing fund of hedge fund investments for institutional and private investors. Liongate, founded in 2003 by Jeff Holland, Ben Funk and Randall Dillard, managed a range of funds of hedge funds in both commingled funds and tailored, single client portfolios. The firm, which at it peak managed over USD 3 billion with an additional USD 4 billion in assets under advisory, had a global reach with offices in London, New York, Zurich, Dubai, Malta and Mumbai. The Liongate partners sold the firm to Principal Financial Group in 2013 as the large US insurer and asset manager wanted a hedge fund research platform in order to quickly ramp up retail hedge fund distribution in the US.

Greg Coffey is an Australian hedge fund manager based in London. Nicknamed "The Wizard of Oz" during his time at GLG Partners and Moore Capital Management, in 2012 he declared retirement at the age of 41 and returned to Sydney. In early 2018, Coffey's plans to launch a new fund were announced.

Angelo Gordon is a global alternative investment manager founded in November 1988 by John M. Angelo and Michael L. Gordon who together ran the arbitrage department of L.F. Rothschild in the 1980s.

Man GLG is a discretionary investment manager and a wholly owned subsidiary of British alternative investment manager Man Group plc. It is a diversified and multi-strategy fund manager that operates strategies including equity long-short funds, convertible arbitrage funds, emerging market funds and long-only mutual funds. The firm is also a founding member of the Hedge Fund Standards Board and a signatory of the Principles for Responsible investment. As of 2022, Man GLG had $35.4 billion assets under management.

Walid A. Chammah is the former co-president of Morgan Stanley & Co. and Chairman of Morgan Stanley International. He retired from the Firm in early 2012 after serving Morgan Stanley for over 19 years, including overseeing the Firm's Global Institutional Securities business and operations, and serving as a member of both the Management and Operating Committees.

Cheyne Capital is a London-based alternative asset manager. The firm launched its first fund in 2000 and today specializes in real estate debt, social property impact, corporate credit, convertible bonds, event driven investing and equities.

Magnetar Capital is a hedge fund based in Evanston, Illinois. The firm was founded in 2005 and invests in fixed income, energy, quantitative and event-driven strategies. The firm was actively involved in the collateralized debt obligation (CDO) market during the 2006–2007 period. In some articles critical of Magnetar Capital, the firm's arbitrage strategy for CDOs is described as the "Magnetar trade".

Calamos Investments is a diversified global investment firm offering an array of investment strategies including active growth equity, risk managed, convertible, sustainable equity, fixed income and alternatives. The firm offers strategies through separately managed portfolios, mutual funds, closed-end funds, private funds, an exchange traded fund and UCITS funds. Clients include major corporations, pension funds, endowments, foundations and individuals, as well as the financial advisors and consultants who serve them. Headquartered in the Chicago metropolitan area, the firm also has offices in New York, San Francisco, Milwaukee and the Miami area.

Pine River Capital Management L.P. is an asset management firm. The firm trades stocks, fixed income, derivatives and warrants. As of 2018 the company manages approximately US$7 billion across three actively managed platforms: hedge funds, managed accounts and listed investment vehicles to support a number of strategies including interest rates, mortgages, equity long/short, event-driven equity, and global convertible bond arbitrage. The company is currently managed by founder and CEO Brian Taylor and 6 partners.

Emmanuel "Manny" Roman is a French financial executive. He is the chief executive officer (CEO) of PIMCO, a leading global investment management firm, based in Newport Beach, California. In 2011, he was named by the Evening Standard as one of London's 1000 most influential people.

Rainer-Marc Frey is a Swiss businessman and investor. He has substantially shaped the Swiss financial services sector and the international hedge fund industry.

References

  1. 1 2 3 4 "For Philippe Jabre, Almaza retains strong development potential". L'Orient-Le Jour. January 17, 2022. Retrieved December 9, 2022.
  2. ↑ "AUB - BOT - Philippe Raymond Jabre". www.aub.edu.lb. Archived from the original on 2015-09-23.
  3. ↑ "An unbeaten risk-taker". Financial Times. 2006-03-03. Retrieved 2014-07-05.
  4. ↑ "An unbeaten risk-taker". Financial Times. 2006-03-03. Retrieved 2014-07-05.
  5. ↑ "Philippe Jabre v Financial Services Authority". UK Government Tax and Chancery Decisions. July 27, 2006. Retrieved December 9, 2022.
  6. ↑ "An unbeaten risk-taker". Financial Times. 3 March 2006.
  7. ↑ Rules weren't clear when I was fined: Jabre
  8. ↑ "New rules hit Switzerland's 'Finance Valley'". Financial Times. 16 April 2012.
  9. ↑ https://www.vsv-asg.ch/fr/mitgliedersuche?typ=detail&id=1472 [ dead link ]
  10. ↑ Clareville Top European Hedge Fund In 2013
  11. ↑ "Philippe Jabre on Opportunities in Russia, Japan and China". 7 May 2014.
  12. ↑ "HedgePo Investors Choice Hedge Fund Awards 2014 Winners Announced" . Retrieved 6 July 2014.
  13. ↑ The Handbook of Convertible Bonds: Pricing, Strategies and Risk Management. Wiley. 8 July 2011.
  14. ↑ "Beirut Notes: Philippe Jabre: The Return of the Hedge Fund "Legend"".
  15. ↑ "AUB - BOT - Philippe Raymond Jabre". www.aub.edu.lb. Archived from the original on 2015-09-23.
  16. ↑ "THE ASSOCIATION". APJ. Retrieved 11 October 2021.
  17. ↑ "UNIVERSITY SCHOLARSHIPS". APJ. Retrieved 11 October 2021.
  18. ↑ Brooke Anderson (22 January 2015). "Damaged by War, a Villa in Lebanon Gets a Transformation". The Wall Street Journal.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.