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Larry Robbins

From Wikipedia, the free encyclopedia
Larry Robbins
Born (1969-10-22) October 22, 1969 (age 55)[1]
Arlington Heights, Illinois, United States
EducationUniversity of Pennsylvania[2]
OccupationHedge fund manager
Known forFounding and managing Glenview Capital Management
Owner of the Chicago Steel
Spouses
  • ​
    (divorced)​
  • Sarahmay Wesemael
    ​
    (m. 2012)​
Children4 sons

Larry Robbins (born October 22, 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]

Early life and education

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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.[9]

Investment career

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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.[10][5] In 2012, he made a successful bet by investing in hospital companies that he thought would benefit from Obamacare.[11] Unlike most hedge funds, Robbins is known for holding stocks for years and not employing stop-losses.[11] Robbins is currently the firm's CEO and portfolio manager.

Personal life

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Robbins has four sons, by his first wife Amy Towers, who he later divorced.[12][13] In 2012, he married his second wife, Sarahmay Wesemael.[5] He lives in Alpine, New Jersey but has recently relocated to South Florida.[14] Robbins is the owner of the Chicago Steel of the USHL.[15]

Wealth and philanthropy

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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.[16] 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.[17] 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][18]

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).[19]

References

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  1. ^ "CNBC Next List: Larry Robbins". CNBC. October 6, 2014.
  2. ^ a b "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. ^ a b c Katherine Burton, Anthony Effinger and Kelly Bit (January 7, 2014). "Glenview's Robbins Tops Hedge-Fund Ranking". Bloomberg News.
  6. ^ a b c GuruFocus (December 31, 2013). "King of Consistency - Larry Robbins' High Conviction Stocks in Review". NASDAQ.
  7. ^ a b c d e f "Larry Robbins". CNBC. May 17, 2013.
  8. ^ Erin E. Arvedlund (July 27, 2013). "Bullish on Obamacare". Barron's Magazine.
  9. ^ "Lawrence Michael Robbins CPA". Bloomberg Businessweek. Retrieved August 26, 2014.[dead link]
  10. ^ "Forbes profile: Larry Robbins". Forbes. Retrieved 11 September 2019.
  11. ^ a b 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
  12. ^ New York Magazine: "Who Gets to Marry a Billionaire? Hedge-fund wives and where they come from" by Tim Murphy October 24, 2007
  13. ^ New York Sun: "Out & About" By A.L. GORDON November 30, 2006
  14. ^ North Jersey.com: "Ice rink in Cresskill residence cleared for construction after lawsuit dismissed" By DEENA YELLIN January 3, 2012
  15. ^ "About the Steel". Archived from the original on 2016-11-05. Retrieved 2017-01-09.
  16. ^ "Larry Robbins". Robin Hood Foundation. November 22, 2013.
  17. ^ "Larry Robbins". Invest for Kids. Retrieved August 27, 2014.
  18. ^ "Mediocrity Be Gone". Robin Hood Foundation. Retrieved August 26, 2014.
  19. ^ 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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