Hedge Funds: The Activist Leaves the Building

April 23, 2020 | Hedge Funds, News

Frank Tuil is departing Elliott Management more two decades at the firm. The legendary French investor helped Elliott position itself as a top activist shop across Europe from the firm’s London office. Investors cheered him and investors feared him. Some of his most notable activist campaigns included efforts at French spirits maker Pernod Richard and German chemical giant Bayer.

Frank Tuil Departs Elliott

The departure comes the same week the Autorité des Marchés Financiers slapped  Elliott Management with a €20m fine for obstructing an investigation. The fine dates back to a tender offer in 2015 by XPO Logistics to take over French rival Norbert Dentressangle. The French regulator said that the company had “inaccurate and late reports,” failed to disclose its positions, and “obstructed the AMF’s investigation. The fine is one of the largest ever imposed by the agency.

Meanwhile, Tuil had established himself under the Gordon Singer, who ran the European office and is the son of founder Paul Singer. The hedge had pushed into Europe in recent decades thanks to less protectionism in the region. Tuil succeded in activist campaigns across France and Germany, despite the historical opposition to the practice. He had worked on the deal that merged Bayer with agribusiness giant Monsanto and helped the hedge fund successfully takeover of AC Milan.

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Latest Alternative Investment News

Venture Capital: Bessemer Venture Raises $3.3B For Two New Funds, Welcomes New Partners
February 26, 2021     News, Venture Capital

Global early-stage venture capital firm Bessemer Venture Partners announced Thursday its raise of $3.3 billion across two new funds. BVP XI, which collected $2.475 billion, will focus on early-stage companies…

Alternative Investments/Real Estate: New Active, REIT-Based ETF From SS&C ALPS
February 26, 2021     Alternative Investments, News, Real Estate

SS&C ALPS Advisors have launched an actively managed, semi-transparent ETF that focuses on the U.S. REIT securities market. The ALPS Active REIT ETF (REIT) will trade on the NASDAQ.

FinTech: U.K.-Based Atom Bank To Raise £40M To Become Profitable, Go Public
February 26, 2021     FinTech, News

Atom Bank, which is based in Durham, U.K., plans to raise £40 million from its existing shareholders in a move to achieve profitability within a year. The digital bank also…

Digital Assets: Anchorage, The First Federally Chartered Digital Bank, Raises $80M
February 26, 2021     Digital Assets, News, Venture Capital

Federally chartered digital bank Anchorage announced Thursday its Series C raise of $80 million led by GIC, Singapore’s sovereign wealth fund, with participation from a16z, Blockchain Capital, Lux, and Indico.