Larry Robbins

Last updated
Larry Robbins
Born1969 (age 54–55) [1]
NationalityAmerican
Education University of Pennsylvania [2]
Occupation Hedge fund manager
Known forFounding and managing Glenview Capital Management
Owner of the Chicago Steel
Spouse(s) Amy Towers (divorced)
Sarahmay Robbins
Children4 sons

Larry Robbins (born 1969) is an American hedge fund manager and philanthropist. He is the chief executive of Glenview Capital Management, a hedge fund with approximately $7.7 billion of capital under management as of March 2019. [3]

Contents

Early life and education

Robbins grew up in a Jewish family [4] in Arlington Heights, Illinois. [5] He graduated with honors from the Jerome Fisher Program in Management and Technology at the University of Pennsylvania in 1992, where he received a B.S. in economics with concentrations in accounting, finance, marketing and a B.S in engineering, with a major in systems engineering. [2] [6] [7] Robbins played hockey throughout college and was captain of the University of Pennsylvania club team for three years. [8] Robbins became a Certified Public Accountant in 1991 in Illinois. [1]

Investment career

After graduation, Robbins worked at Gleacher & Company, a merger and advisory boutique in New York. [6] [7] He joined Leon Cooperman at Omega Advisors after three years at Gleacher. [6] [7] Robbins spent six years as an analyst and partner at Omega Advisors on their US equity long/short team. [7] Robbins left Omega to start Glenview Capital Management in 2000, named after the suburban Chicago hockey area where he started playing hockey at age five. [9] [5] In 2012, he made a successful bet by investing in hospital companies that he thought would benefit from Obamacare. [10] Unlike most hedge funds, Robbins is known for holding stocks for years and not employing stop-losses. [10] Robbins is currently the firm's CEO and portfolio manager.

Personal life

Robbins has four sons, by his first wife Amy Towers, who he later divorced. [11] [12] In 2012, he married his second wife, Sarahmay Wesemael. [5] He lives in Alpine, New Jersey but has recently relocated to South Florida. [13] Robbins is the owner of the Chicago Steel of the USHL. [14]

Wealth and philanthropy

Robbins serves as chairman of the board for both the Knowledge is Power Program (KIPP) New York and Relay Graduate School of Education. He is a member of the board of directors for The Robin Hood Foundation and chairs the education committee. [7] He is a member of the board of directors for Teach For America (New York) and was an honoree at the 2013 Annual Benefit Dinner. [15] Through their Robbins Family Foundation, Larry and his wife Sarahmay are active supporters of education reform both in New York City and across the US. [16] In addition, Robbins is the Senior Chair of the Wall Street Division of the UJA-Federation and the recipient of the 2007 Young Leadership Award. [7] [17]

In 2014, Robbins reportedly earned $570 million (including his share of his firm's management and performance fees, cash compensation and stock and option awards). [18]

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References

  1. 1 2 "Lawrence Michael Robbins CPA". Bloomberg Businessweek . Retrieved August 26, 2014.[ dead link ]
  2. 1 2 "Larry Robbins". Wharton School of the University of Pennsylvania . Retrieved August 23, 2014.
  3. ↑ "Glenview Capital Lost $2 Billion in Assets in About Nine Months". Bloomberg.com. 3 May 2019.
  4. ↑ New York Times Dealbook: "Wall Street Titans Celebrate UJA-Federation" By WILLIAM ALDEN June 12, 2013
  5. 1 2 3 Katherine Burton, Anthony Effinger and Kelly Bit (January 7, 2014). "Glenview's Robbins Tops Hedge-Fund Ranking". Bloomberg News.
  6. 1 2 3 GuruFocus (December 31, 2013). "King of Consistency - Larry Robbins' High Conviction Stocks in Review". NASDAQ.
  7. 1 2 3 4 5 6 "Larry Robbins". CNBC. May 17, 2013.
  8. ↑ Erin E. Arvedlund (July 27, 2013). "Bullish on Obamacare". Barron's Magazine.
  9. ↑ "Forbes profile: Larry Robbins". Forbes. Retrieved 11 September 2019.
  10. 1 2 Barrons: "Bullish on Obamacare, Hedge-fund star Larry Robbins has made a big bet on hospitals and is pushing them a little harder to buy back stock or make acquisitions. Why he's taking on HMA" By Erin E. Arvedlund July 27, 2013
  11. ↑ New York Magazine: "Who Gets to Marry a Billionaire? Hedge-fund wives and where they come from" by Tim Murphy October 24, 2007
  12. ↑ New York Sun: "Out & About" By A.L. GORDON November 30, 2006
  13. ↑ North Jersey.com: "Ice rink in Cresskill residence cleared for construction after lawsuit dismissed" By DEENA YELLIN January 3, 2012
  14. ↑ "About the Steel".
  15. ↑ "Larry Robbins". Robin Hood Foundation. November 22, 2013.
  16. ↑ "Larry Robbins". Invest for Kids. Retrieved August 27, 2014.
  17. ↑ "Mediocrity Be Gone". Robin Hood Foundation . Retrieved August 26, 2014.
  18. ↑ H. Kent Baker; Greg Filbeck (26 July 2017). Hedge Funds: Structure, Strategies, and Performance. Oxford University Press. pp. 52–. ISBN   978-0-19-060739-5.
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