Gregg Hymowitz

Gregg Hymowitz (born 1966)[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] The firm joined The Permal Group in 2016, assuming the name of EnTrustPermal, and rebranded to EnTrust Global in 2019.[7] 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.[8][9] 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]

Activist Investing

In 2013 Hymowitz, as head of Entrust Capital, raised approximately $600 million for funds controlled by shareholder activists.[10] 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.[11][12] EnTrust Global has a 25% stake in Alma Capital,[13] and is a co-investor with the US-based activist firm Third Point LLC, with a $650 million stake in Nestlé.[14]

Hymowitz has suggested that activist investing helps investors identify the best investment opportunities.[15]

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.[16]

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]

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. Knab, Matthias. "EnTrust Permal rebrands as EnTrust Global - Opalesque". www.opalesque.com. Retrieved 2019-12-31.
  8. 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.
  9. "EnTrust Global Announces Reacquisition of Legg Mason's Interest". Citybizlist. Retrieved 2020-03-15.
  10. Weiss, Miles. "Hymowitz Raises $600 Million to Back Activist Investors". Bloomberg. Bloomberg. Retrieved 20 February 2020.
  11. 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.
  12. Strasburg, Jenny. "Deutsche Bank to Exit Global Equities, Trading Business". The Wall Street Journal. The Wall Street Journal. Retrieved 20 February 2020.
  13. "DWS sells global hedge fund Ucits arm to alts specialist". Wealth Manager. Retrieved 2020-03-22.
  14. "Ex-JPMorgan CFO's activist fund takes stake in Deutsche Bank". Reuters. 2018-11-01. Retrieved 2020-03-22.
  15. "Karmic reckoning? Investors in activist hedge funds agitate for change". Reuters. 2019-07-30. Retrieved 2020-03-01.
  16. "U.S. activist investors Land & Buildings, Engaged raise new capital: sources". Reuters. 2020-03-24. Retrieved 2020-03-26.
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