Friday, 24 June 2016
Last updated 4 hours ago
Jun 21 2011 | 3:19pm ET
You can’t say Elliott Management Corporation doesn’t plan ahead—the $17.1 billion hedge fund firm has put in place a board of directors to take over should current head Paul Singer stop managing the company through “death, incapacity, or otherwise.”
AR Magazine, citing a letter to investors dated Monday, June 20, says the Elliott board will have four members: Jonathan Pollock, Elliott co-chief investment officer; Brian Miller, chief trading officer; Gordon Singer, head of global event arbitrage strategies (and Paul Singer’s son); and Myron Kaplan, long-time Elliott legal counsel and a founding partner of Kleinberg, Kaplan, Wolff & Cohen.
In the letter, Singer (père) was quick to reassure investors that the introduction of the board does not signal any intention on his part to “diminish” the “time and attention” he devotes to the business.
The new board is the latest effort by the firm to give managers greater oversight responsibilities. In October of last year, Singer made Pollack, Miller and Gordon Singer equity partners and promoted Pollack to the office he currently holds, that of co-chief investment officer.