ADVERTISEMENT
ADVERTISEMENT

A key figure in Paul Singer's epic Argentina trade has stepped down

A key portfolio manager behind Elliott Management's infamous Argentina bet has stepped down.

paul singer

Jay Newman, a lawyer who joined New York-based Elliott in 1995, will act as a consultant for Paul Singer's $31.6 billion hedge fund firm, according to a January investor letter reviewed by Business Insider.

"Newman has decided to retire from being a Senior Portfolio Manager and being involved in the hedge-fund industry on a full-time basis," the investor letter added.

Newman didn't immediately respond to a request for comment.

In the early 2000s, Elliott started buying up Argentinian debt following the country's economic collapse. According to a 2016 Wall Street Journal report, Newman's thinking on the matter went like this: "

ADVERTISEMENT

Last year, Argentina agreed to pay $4.65 billion to Elliott and three other hedge funds to settle its debt saga. Elliott's bet yielded $2.4 billion, about 10 to 15 times the money the hedge fund put on the wager 15 years prior, according to the Journal report.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.
ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

Here's everything to know about being a virgin on your wedding night

Here's everything to know about being a virgin on your wedding night

7 do's and don’ts of the Holy month of Ramadan

7 do's and don’ts of the Holy month of Ramadan

Top 5 sweetest celebrity mother-child relationships that stand out for us

Top 5 sweetest celebrity mother-child relationships that stand out for us

International Women's Day: 5 Nigerian female celebrities championing women’s rights

International Women's Day: 5 Nigerian female celebrities championing women’s rights

Top 5 female directors in Nollywood

Top 5 female directors in Nollywood

6 things that will break a Muslim's fast during Ramadan

6 things that will break a Muslim's fast during Ramadan

5 benefits of fasting during Ramadan

5 benefits of fasting during Ramadan

5 reasons Easter was more fun when we were children

5 reasons Easter was more fun when we were children

Dos and don’ts of supporting Muslims during Ramadan

Dos and don’ts of supporting Muslims during Ramadan

ADVERTISEMENT
ADVERTISEMENT