Gregg Hymowitz

Gregg S. Hymowitz (born 1965)[1] is chairman, chief executive officer and founder of EnTrust Global,[2] a diversified alternative investment firm.[3][4] He is known as an activist investor, approving a $650 million investment in Nestlé in May 2017.[5]

Early life and education

Hymowitz is from Bellmore, New York.[5] In 1990, he graduated cum laude from Harvard Law School with a JD, and received a BA, Phi Beta Kappa, from the State University of New York at Binghamton in 1987.[6] He was the 1985 Harry S. Truman Scholar from New York, the 1987 British Hansard Society Scholar and the 2004 recipient of the Governor's Committee on Scholastic Achievement Award.[6]

Career

He began his career as an attorney at Skadden, Arps, Slate, Meagher & Flom where he focused on mergers and acquisitions before joining Goldman, Sachs & Co. as a vice president in 1992. In 1997 he left Goldman to establish Entrust Global (originally EnTrust Capital),[1] which had over $1.1 billion in assets by December of that year.[7] The firm joined The Permal Group in 2016, an investment management firm which was acquired and operated as a subsidiary by Legg Mason since 2005, assuming the name of EnTrustPermal, and rebranded to EnTrust Global in 2019.[8] In 2016, the firm launched a maritime lending vehicle. As of March 2019, they have more than fifty vessels financed with a size of an investment of over a billion dollars in commitments, of which $600 has been deployed, followed by the aviation business which provides direct lending to aircraft companies, taking advantage of the lack of bank lenders in the maritime sector.[9][10] As of February 2020, Legg Mason owned 65% of EntTrust Global. In February 2020, Leg Mason was acquired by Franklin Resources for $4.5 billion. Instead of being incorporated into Franklin Resources as a result of the deal, Hymowitz agreed to make EnTrust Global an independent, private company by buying back Legg Mason's share of EnTrust.[11][12] In April 2020, EnTrust launched Blue Sky strategy for investment in the global aviation industry which has raised $400 million.[13]

He also serves as Chair of EnTrust Global's Investment Committee, Compensation Committee and Financial & Control Committee, and is a member of the Blue Ocean Executive Committee.[6] In December 2020, EnTrust Global closed a $2.1 billion fundraising for the Blue Ocean Fund.[14]

Other work

Hymowitz has been a panelist on numerous television shows such as Fox News' Cavuto on Business,[15] CNN's Moneyline,[16] Bloomberg Television,[17] and CNBC's Squawk Box and Business Center.[18] Hymowitz has also been involved in political fundraising,[19][20] and was co-chair of the Dick Gephardt 2004 presidential campaign.[21] In 2001, Hymowitz was a speaker to the US House of Representatives during hearings on whether conflicts of interest impacted the research of sell-side analysts.[22]

Activist Investing

In 2013 Hymowitz, as head of Entrust Capital, raised approximately $600 million for funds controlled by shareholder activists.[23] In 2018 a large portion of the capital Hudson Executive Capital LP acquired for its stake in Deutsche Bank investment came from Hymowitz's EntrustPermal.[24][25] EnTrust Global has a 25% stake in Alma Capital,[26] and is a co-investor with the US-based activist firm Third Point LLC, with a $650 million stake in Nestlé.[27]

Hymowitz has suggested that activist investing helps investors identify the best investment opportunities.[28]

During the COVID-19 crisis of 2020, Hymowitz said that activist investing, so that one has an impact on company decisions, is a good investment strategy for the period of economic dislocation.[29]

Philanthropy

In 1995, Hymowitz established the Hymowitz Scholarship, which is awarded to full-time undergraduate students of Harpur College.[30] Hymowitz endowed the Hymowitz Professorship of Global Health at Duke University, which was named after him. In 2017, Professor David Boyd became the inaugural holder of the chair.[31]

Hymowitz participated in the FTI Consulting Great Charity Challenge which raised $2.5 million for Florida charities.[32] He has also donated to the National Multiple Sclerosis Society,[33] New York Cares,[34] and The Retreat, a non-profit organization in The Hamptons which provides support to victims of domestic violence.[35]

He was on the committee for the 2017 YAGP "Stars of Today Meet the Stars of Tomorrow Gala",[36] and is part of the New York Leadership Circle for Mikva Challenge, a non-partisan civic engagement organization.[37]

Board membership

Hymowitz is on the Advisory Board of Quibi, a streaming video platform that offers short-form, mobile content. He was a member of the Board of Trustees at Montefiore Medical Center and served two terms as a trustee of the Riverdale Country Day School.[6]

Personal life

Gregg was married to Debby Hymowitz until 2004, with whom he had three children. Hymowitz later married Marcella Guarino Hymowitz, and they have a three children.[38]

References
  1. Weiss, Miles (10 January 2014). "Hymowitz Raises $600 Million to Back Activist Investors". www.bloomberg.com. Retrieved 2019-12-31.
  2. "EnTrust Global: Not Only A Fund Of Funds | AlphaWeek". www.alpha-week.com. Retrieved 2019-12-31.
  3. "Karmic reckoning? Investors in activist hedge funds agitate for change". Reuters. 2019-07-30. Retrieved 2019-12-31.
  4. "EnTrustPermal rebrands as EnTrust Global". 3 July 2019. Retrieved 31 December 2019.
  5. Benoit, Juliet Chung and David. "The Man Behind Activist Investors' Biggest Bets". WSJ. Retrieved 2019-12-31.
  6. School, Harvard Law. "Traphagen Distinguished Alumni Speaker Series with Gregg Hymowitz JD'90". Harvard Law School. Retrieved 2019-12-31.
  7. "Entrust Global, Gregg Hymowitz and Michael Horowitz". www.wsj.com. Retrieved 2021-01-21.
  8. Knab, Matthias. "EnTrust Permal rebrands as EnTrust Global - Opalesque". www.opalesque.com. Retrieved 2019-12-31.
  9. "EnTrust Global: Not Only A Fund Of Funds | AlphaWeek". www.alpha-week.com. Retrieved 2021-01-21.
  10. "EnTrustPermal rebrands as EnTrust Global | Hedgeweek". www.hedgeweek.com. 2019-03-07. Retrieved 2021-01-21.
  11. Lombardo, Justin Baer and Cara (2020-02-18). "WSJ News Exclusive | Franklin Resources to Buy Legg Mason for $4.5 Billion". Wall Street Journal. ISSN 0099-9660. Retrieved 2020-03-15.
  12. "EnTrust Global Announces Reacquisition of Legg Mason's Interest". Citybizlist. Retrieved 2020-03-15.
  13. "EnTrust Global Completes Reacquisition of Legg Mason's Interest | Hellenic Shipping News Worldwide". www.hellenicshippingnews.com. Retrieved 2021-01-20.
  14. says, Capt Gautam Ramaswamy (2020-12-10). "Julian Proctor helps mastermind $2.1bn clean newbuild fundraising". Splash247. Retrieved 2021-01-21.
  15. "Recap of Nov. 1: Out of Control?". Fox News. 2015-03-25. Retrieved 2021-01-21.
  16. Eckler, Greg; MacDonald, Laura (2013-07-16). Bull!: 144 Stupid Statements from the Market's Fallen Prophets. Andrews McMeel Publishing. ISBN 978-1-4494-4998-8.
  17. "Fundraising in Manhattan - Patricofs - Campaign 2004 - Wesley Clark - Howard Dean - Nymag". New York Magazine. Retrieved 2021-01-21.
  18. Goldman, Henry; January 24, Bloomberg News |; 2006. "Langone, Target of Spitzer Suit, Raises Funds for Rival". The New York Sun. Retrieved 2021-01-21.CS1 maint: numeric names: authors list (link)
  19. New York. New York Magazine Company. 2004.
  20. Enterprises, United States Congress House Committee on Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored (2001). Analyzing the Analysts: Hearings Before the Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises of the Committee on Financial Services, U.S. House of Representatives, One Hundred Seventh Congress, First Session, June 14; July 31, 2001. U.S. Government Printing Office. ISBN 978-0-16-066804-3.
  21. "Hymowitz Raises $600 Million to Back Activist Investors". Bloomberg.com. 2014-01-10. Retrieved 2021-01-21.
  22. Strasburg, Cara Lombardo and Jenny (2018-11-01). "Activist Hedge Fund Takes $620 Million Stake in Struggling Deutsche Bank". Wall Street Journal. ISSN 0099-9660. Retrieved 2021-01-21.
  23. Weiss, Miles. "Hymowitz Raises $600 Million to Back Activist Investors". Bloomberg. Bloomberg. Retrieved 20 February 2020.
  24. Lombardo, Cara; Strasburg, Jenny. "Activist Hedge Fund Takes $620 Million Stake in Struggling Deutsche Bank". The Wall Street Journal. The Wall Street Journal. Retrieved 20 February 2020.
  25. Strasburg, Jenny. "Deutsche Bank to Exit Global Equities, Trading Business". The Wall Street Journal. The Wall Street Journal. Retrieved 20 February 2020.
  26. "DWS sells global hedge fund Ucits arm to alts specialist". Wealth Manager. Retrieved 2020-03-22.
  27. "Ex-JPMorgan CFO's activist fund takes stake in Deutsche Bank". Reuters. 2018-11-01. Retrieved 2020-03-22.
  28. "Karmic reckoning? Investors in activist hedge funds agitate for change". Reuters. 2019-07-30. Retrieved 2020-03-01.
  29. "U.S. activist investors Land & Buildings, Engaged raise new capital: sources". Reuters. 2020-03-24. Retrieved 2020-03-26.
  30. Herbst-Bayliss, Svea (2019-07-30). "Karmic reckoning? Investors in activist hedge funds agitate for change". Reuters. Retrieved 2021-01-21.
  31. Herbst-Bayliss, Svea (2020-03-24). "U.S. activist investors Land & Buildings, Engaged raise new capital: sources". Reuters. Retrieved 2021-01-21.
  32. "Binghamton University Foundation Scholarships, Awards and Fellowships".
  33. "David Boyd Named Hymowitz Professor of the Practice of Global Health". Bass Connections. Retrieved 2021-01-21.
  34. Horsetalk.co.nz (2014-02-06). "Showjumpers earn $2.5m for charity in single competition". Horsetalk.co.nz. Retrieved 2021-01-21.
  35. "NEW YORK CITY - SOUTHERN NEW YORK CHAPTER" (PDF).
  36. "New Beginnings - 2005" (PDF).
  37. "STARS OF TODAY MEET THE STARS OF TOMORROW GALA 2018 - Ballet Competition -". Retrieved 2021-01-21.
  38. "Meet the Prom Queen of Instagram". The Cut. 2015-09-23. Retrieved 2021-01-21.
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