Chris Hohn

Last updated

Sir
Chris Hohn
KCMG
Born
Christopher Anthony Hohn

October 1966 (age 57)
Addlestone, Surrey, England
Education University of Southampton
Harvard Business School
Occupation(s) Hedge fund manager and philanthropist
Known forFounder and CEO, The Children's Investment Fund Management Founder and Chair, The Children's Investment Fund Foundation
Spouses
Jamie Cooper
​
(divorced)​
Kylie Richardson
​
(m. 2022)​
Children4

Sir Christopher Anthony Hohn [1] KCMG (born October 1966) is a British billionaire hedge fund manager.

Contents

In 2003, Hohn established The Children's Investment Fund Management (TCI), a prominent value-based hedge fund. Profits generated by the fund were initially proportionately allocated to The Children's Investment Fund Foundation, a registered charity in England and Wales that focuses on improving the lives of children living in poverty in developing countries. [2] He is known as an activist investor.

Hohn is worth $8.21 billion according to the Bloomberg Billionaires Index in 2022 and was ranked among the most successful and wealthiest alumnus of Harvard Business School. [3] As of 2014, he had given over $4.5 billion to The Children's Investment Fund Foundation. [4] In 2019, Forbes put Hohn in the list of the world's most generous philanthropists outside of the US. [5] In recent years, Hohn has become an outspoken advocate of urgent action on the climate crisis, and a prolific contributor to the cause. [6]

Early life

Christopher Anthony Hohn was born in October 1966 [7] in Addlestone, Surrey, [8] United Kingdom. His father Paul was a Jamaican-born car mechanic of European descent who moved to Britain in 1960, and his mother was a legal secretary from East Sussex. [9]

He was a pupil at St Paul's County Secondary School in Addlestone between 1979 and 1983 gaining 13 O Levels; he then attended the University of Southampton from which he graduated in 1988 with first-class honours in accounting and business economics. [8] While at Southampton, a tutor advised him to apply for Harvard Business School, where he completed the Master of Business Administration course. [9] He graduated in 1993 as a Baker Scholar, meaning he was among the top five percent of all graduates. [9]

Career

After graduating, Hohn started working for the private equity group Apax Partners in 1994. [8] In 1996 he went to work for Perry Capital, a hedge fund on Wall Street. [8] In 1998 he was made head of Perry's London operations. [8] In his time with Perry, he earned an estimated £75m.[ citation needed ]

In 2003, Hohn set up his own hedge fund, The Children's Investment Fund. TCI donated regularly to a connected charitable fund, The Children's Investment Fund Foundation, run by his wife. The original formula involved transfers of 0.5 percent of the fund's assets each year, with a further 0.5 per cent of assets for every year during which the fund achieved returns of more than 11 per cent. It is reported that Hohn established the formulaic charitable link in order to motivate himself. [8] Coinciding with the couple's divorce proceedings, changes set in motion in 2012 led to the splitting up of the fund and the foundation. The fund no longer donates money to the foundation on a contractual basis, though it may do so on a discretionary basis. [10]

Hohn took £200m in dividend payments in 2018, slightly more than his Children's Investment (TCI) fund made in profit. This was down from $274m in 2017 and $364m in 2016. [11] His 2015 earnings of $250 million ranked him 12th among the 25 top earning hedge fund managers. [12]

In 2019, it was reported that he had built a €730m stake in Heathrow Airport via a range of investment companies jointly taking a 4% stake in Spanish multinational Ferrovial. [13]

From March 2019 to March 2020 he paid himself $479 million, the highest annual amount paid to a person in the UK. [6]

In conjunction with The Children's Investment (TCI) fund Hohn launched the "Say on climate" initiative. The idea of the campaign is to make companies disclose their greenhouse gas emissions and their plans to manage these emissions and also give shareholders an advisory vote on the plans and their results. The initiative was first implemented by Aena, Unilever, Glencore, and CN but it has won many critics at the same time. [14]

In December 2023, Hohn received a £275 million dividend from TCI Fund Management. [15]

Investor activism

In November 2022, Chris Hohn on behalf of TCI wrote an open letter to Sundar Pichai, CEO of Alphabet and Google. [16] [17] In the letter, Hohn stated that Google's headcount was too high and should be reduced. [16] [17] He also stated that there should be more effort to reduce losses in its self-driving unit Waymo. [16] [17] On January 20, 2023, Alphabet cut 12,000 Jobs which was 6% of its workforce. [18] On the same day, Hohn issued another letter to Pichai stating that there should be further job cuts with a target of 20%. [18] The letter also states that management should address excessive employee compensation.

Donations

In 2019 it was reported by The Daily Telegraph that Hohn had donated £50,000 to environmental activist group Extinction Rebellion, with a further £150,000 donated by the Children's Investment Fund Foundation. None of the Charity's money was spent on civil disobedience, it was claimed. [19] As of January 2022, Hohn was the single biggest individual donor to Extinction Rebellion. [20]

In April 2020, he made a £2.4 million donation to purchase around 100 SAMBA II machines to test for COVID-19. [21]

Personal life

He married Jamie Cooper, a fellow Harvard graduate student from Chicago, whom he had met at a party during his studies. [22] Upon marriage, they took each other's surnames to become Cooper-Hohn, although he is still widely known as Hohn. The couple went on to have four children, including triplets. [23]

In 2013, it was reported that Hohn had begun divorce proceedings with his wife. [24] In November 2014, he was set to pay his American-born ex-wife $500 million, [25] in what was thought to be the biggest divorce settlement ever awarded by an English court. [26] In December 2014, he was ordered to pay his ex-wife £337 million. [27]

Hohn was appointed Knight Commander of the Order of St Michael and St George (KCMG) in the 2014 Birthday Honours for services to philanthropy and international development. [28]

Hohn practices yoga and does not eat meat. [29]

He is married to Kylie Hohn (nee Richardson), who has a PhD from Harvard University and has taught at Harvard and the University of Cambridge. [30] [31] She is the CEO of LightEn, an organisation of which they are the co-founders. [30]

Related Research Articles

John Carl Malone is an American billionaire businessman, landowner, and philanthropist. He was chief executive officer (CEO) of Tele-Communications Inc. (TCI), a cable and media giant, for twenty-four years from 1973 to 1996. Malone is now chairman and largest voting shareholder of Liberty Media, Liberty Global, and Qurate Retail Group, and also owns 7% of Lionsgate and Starz Inc. He was interim CEO of Liberty Media, until succeeded by former Microsoft and Oracle CFO Greg Maffei.

<span class="mw-page-title-main">Steve Cohen (businessman)</span> American billionaire hedge-fund manager, sports team owner (born 1956)

Steven A. Cohen is an American hedge-fund manager and owner of the New York Mets of Major League Baseball since September 14, 2020, owning just over 97% of the team. He is the founder of hedge fund Point72 Asset Management and S.A.C. Capital Advisors, which closed after pleading guilty to insider trading and other financial crimes.

<span class="mw-page-title-main">Paul Tudor Jones</span> American hedge fund manager and investor

Paul Tudor Jones II is an American billionaire hedge fund manager, conservationist and philanthropist. In 1980, he founded his hedge fund, Tudor Investment Corporation, an asset management firm headquartered in Stamford, Connecticut. Eight years later, he founded the Robin Hood Foundation, which focuses on poverty reduction. As of July 2024, his net worth was estimated at US$8.1 billion.

<span class="mw-page-title-main">Kenneth C. Griffin</span> American billionaire hedge fund manager (born 1968)

Kenneth Cordele Griffin is an American hedge fund manager, entrepreneur and investor. He is the founder, chief executive officer, co-chief investment officer, and 80% owner of Citadel LLC, a multinational hedge fund. He also owns Citadel Securities, one of the largest market makers in the United States.

<span class="mw-page-title-main">David Tepper</span> American billionaire businessman

David Alan Tepper is an American billionaire hedge fund manager. He is the owner of the Carolina Panthers of the National Football League (NFL) and Charlotte FC in Major League Soccer (MLS). Tepper is the founder and president of Appaloosa Management, a global hedge fund based in Miami Beach, Florida.

<span class="mw-page-title-main">Anne Dias-Griffin</span> French-American investor (born 1970)

Anne Dias-Griffin is a French-American investor. She is the founder and chief executive officer of Aragon, an investment firm active in global equities, with a focus on the internet, technology, and consumer sectors, as well as alternative assets.

<span class="mw-page-title-main">Noam Gottesman</span> American businessman

Noam Gottesman is a New York City-based, British-American businessman, former hedge fund manager, and co-founder of GLG Partners. He later entered the restaurant industry, investing in establishments including Eleven Madison Park in New York City. He is also the CEO of TOMS Capital. Gottesman has dual citizenship in the US and UK, and was listed on the 2020 Forbes 400 list of richest people in the United States, with a net worth of $2.4 billion.

<span class="mw-page-title-main">Louis Bacon</span> American hedge fund manager and billionaire

Louis Moore Bacon is an American investor, hedge fund manager, and philanthropist. He is the founder and chief executive of Moore Capital Management.

<span class="mw-page-title-main">Paul Singer (businessman)</span> American businessman (born 1944)

Paul Elliott Singer is an American hedge fund manager, activist investor, and the founder, president, and co-CEO of Elliott Management. As of March 2024, Forbes estimated his net worth at US$6.1 billion. Fortune described Singer as one of the "smartest and toughest money managers" in the hedge fund industry. A number of sources have branded him a vulture capitalist, largely on account of his role at Elliott Management, which is a vulture fund. The Independent has described him as "a pioneer in the business of buying up sovereign bonds on the cheap, and then going after countries for unpaid debts".

<span class="mw-page-title-main">The Children's Investment Fund Management</span> London-based hedge fund management firm

The Children's Investment Fund Management (TCI) is a British hedge fund management firm founded by Chris Hohn in 2003 which manages the Children's Investment Master Fund. TCI makes long‐term investments in companies globally.

<span class="mw-page-title-main">Michael Hintze, Baron Hintze</span> British-Australian businessman, philanthropist and Conservative Party patron (born 1953)

Michael Hintze, Baron Hintze, is an Australian-British businessman and philanthropist, based in the United Kingdom.

<span class="mw-page-title-main">Bill Ackman</span> American billionaire hedge fund manager born 1966

William Albert Ackman is an American billionaire hedge fund manager who is the founder and chief executive officer of Pershing Square Capital Management, a hedge fund management company. His investment approach has made him an activist investor. As of June 2024, Ackman's net worth was estimated at $9.3 billion by Forbes.

<span class="mw-page-title-main">Ray Dalio</span> American investor and hedge fund manager (born 1949)

Raymond Thomas Dalio is an American investor and hedge fund manager, who has served as co-chief investment officer of the world's largest hedge fund, Bridgewater Associates, since 1985. He founded Bridgewater in 1975 in New York.

John Alfred Paulson is an American billionaire hedge fund manager. He leads Paulson & Co., a New York–based investment management firm he founded in 1994. He has been called "one of the most prominent names in high finance", and "a man who made one of the biggest fortunes in Wall Street history."

The Children's Investment Fund Foundation (UK) (CIFF) is an independent philanthropic organisation with offices in Addis Ababa, Beijing, London, Nairobi and New Delhi. It is a registered charity in England and Wales and in 2021 disbursed $468 million and committed $772 million in charitable investments. With assets of GBP £5.2 billion (USD $6.6 billion), it is the 5th largest global development philanthropy in the world based on annual disbursements. According to OECD published data, it is the world's second largest private funder of reproductive health and environmental protection globally and the largest philanthropy that focuses specifically on improving children's lives. In 2021, CIFF pledged $500 million towards gender equality over five years as part of the generation equality forum.

<span class="mw-page-title-main">David Harding (financier)</span> British billionaire businessman

Sir David Winton Harding is a British billionaire businessman, and the founder and CEO of Winton Group. He had previously co-founded Man AHL. His approach favours quantitative investment strategies, using scientific research as the basis of trading decisions.

Alan Howard is a British billionaire hedge fund manager and co-founder of Brevan Howard Asset Management LLP. In February 2013, Forbes listed him as one of the 40 highest-earning hedge fund managers. In 2014, he was ranked 53rd on the UK's Sunday Times Rich List. According to Forbes, as of 2019, Howard's net worth is $1.6 billion.

Stephen Frank Mandel Jr. is an American hedge fund manager, investor, and philanthropist. He founded Lone Pine Capital in 1997, after working as the managing director at Tiger Management. According to Forbes, Mandel has an estimated net worth of US$3.9 billion as of August 2022.

John Albert Overdeck is an American hedge fund manager. Overdeck is the co-founder and co-chairman of Two Sigma Investments, a New York City-based hedge fund that uses a variety of technological methods, including artificial intelligence, machine learning, and distributed computing, for its trading strategies. In 2016, Overdeck reported $375 million in earnings and as of May 2017, Two Sigma Investments has $41 billion in assets under management.

Patrick Degorce is a French hedge fund manager, and the founder and chief executive officer (CEO) of Theleme Partners LLP.

References

  1. ↑ CHRIS HOHN Co-Founder ciff.org
  2. ↑ Armitstead, Louise (1 June 2011). "Hedge fund boss Chris Hohn gives away £1bn in five years". The Daily Telegraph. London.
  3. ↑ "Bloomberg Billionaire Index". Bloomberg. ISSN   0140-0460 . Retrieved 10 June 2022.
  4. ↑ "Court documents" (PDF). www.judiciary.uk. 2014. Retrieved 3 April 2020.
  5. ↑ Çam, Deniz. "From Azim Premji to Carlos Slim: The World's Most Generous Billionaires Outside Of The U.S." Forbes. Retrieved 23 July 2021.
  6. 1 2 "Billionaire hedge fund boss pays himself UK record of £343m". the Guardian. 1 March 2021. Retrieved 1 March 2021.
  7. ↑ "THE CHILDREN'S INVESTMENT FUND FOUNDATION (UK)". Companies House. Retrieved 26 April 2016.
  8. 1 2 3 4 5 6 TCI goes where other funds fear to tread – FT.com
  9. 1 2 3 Bloxham, Andy (20 June 2008). "Chris Hohn profile: Britain's biggest charity donor". The Daily Telegraph. London.
  10. ↑ "TCI Hedge Fund in Britain Ends Ties to Charitable Arm". 18 June 2014.
  11. ↑ "Hedge fund boss pays himself £200m despite fund's profits falling". The Guardian. 4 December 2019. Archived from the original on 4 December 2019. Retrieved 16 February 2020.
  12. ↑ "The Highest-Earning Hedge Fund Managers & Traders". Forbes. Retrieved 24 November 2016.
  13. ↑ Gill, Oliver (19 October 2019). "Extinction Rebellion backer Chris Hohn builds £630m stake in Heathrow". The Daily Telegraph. ISSN   0307-1235 . Retrieved 20 October 2019.
  14. ↑ Gara, Antoine. "Billionaire Chris Hohn Explains Why Increased Disclosure Will Force Companies To Cut Their Carbon Emissions". Forbes. Retrieved 8 August 2021.
  15. ↑ Editor, Ben Martin, Banking (8 December 2023). "TCI founder Chris Hohn pays himself £275m dividend". The Times . ISSN   0140-0460 . Retrieved 8 December 2023.{{cite news}}: |last= has generic name (help)CS1 maint: multiple names: authors list (link)
  16. 1 2 3 Kruppa, Miles (15 November 2022). "Activist Investor TCI Calls on Google Parent Alphabet to Slash Costs". Wall Street Journal. Retrieved 26 November 2022.
  17. 1 2 3 "Investor TCI urges Alphabet to cut excessive headcount, costs". Reuters. 15 November 2022. Retrieved 26 November 2022.
  18. 1 2 "Christopher Hohn wants Alphabet to lay off 20% of its staff and cut employee pay | Fortune". 23 January 2023. Archived from the original on 23 January 2023. Retrieved 24 January 2023.
  19. ↑ Dixon, Hayley (10 October 2019). "Extinction Rebellion funded by charity set up by one of Britain's richest men". The Daily Telegraph. ISSN   0307-1235 . Retrieved 20 October 2019.
  20. ↑ Neate, Rupert (17 January 2022). "Extinction Rebellion donor leads world's top-performing hedge fund". The Guardian. Retrieved 5 August 2022.
  21. ↑ Craig Brierley Communications team (2 April 2020). "Rapid COVID-19 diagnostic test developed by Cambridge team to be deployed in hospitals | University of Cambridge". Cam.ac.uk. Retrieved 3 April 2020.
  22. ↑ Timmons, Heather (26 June 2008). "The Children's Investment Fund and Its Nonprofit Twin". The New York Times. Retrieved 28 November 2012.
  23. ↑ "Hedge-fund couple Chris Hohn and Jamie Cooper-Hohn on track for Britain's first billion pound divorce". The Daily Telegraph. 18 June 2014.
  24. ↑ Eden, Richard (27 October 2013). "Royal Mail hedge fund tycoon Chris Hohn posts his divorce papers". The Daily Telegraph. London.
  25. ↑ "Chris Hohn's Activist Hedge Fund Has Big First Half Of 2015". Forbes.com. Retrieved 28 April 2016.
  26. ↑ Croft, Jane (28 November 2014). "Chris Hohn in record-breaking $530m divorce settlement". The Financial Times. London.
  27. ↑ "Sir Chris Hohn ordered to hand over £337m in one of England's biggest divorce cases". The Daily Telegraph . 12 December 2014. Retrieved 28 April 2016.
  28. ↑ "No. 60895". The London Gazette (Supplement). 14 June 2014. p. b4.
  29. ↑ "The very private life of Sir Chris Hohn – the man paid £1m a day". The Guardian. 5 March 2021. Retrieved 5 August 2021.
  30. 1 2 "LightEn founders". LightEn. Retrieved 10 September 2022.
  31. ↑ Marsh, Alec (22 March 2022). "Inside the exclusive Zulma Reyo School of Consciousness retreat for business leaders". Spear's. Retrieved 10 September 2022.
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.