Glenn Dubin

Glenn Dubin
Dubin in 2010
Born (1957-04-13) April 13, 1957 (age 67)
Alma materStony Brook University (B.A.)[1]
OccupationHedge fund manager
Known forCo-Founder, Highbridge Capital Management[2]
Founder, Engineers Gate
Investor, Castleton Commodities International
Spouse
(m. 1994)
[3]
Children3[4]

Glenn Russell Dubin (born April 13, 1957) is an American billionaire hedge fund manager and the Principal of Dubin & Co. LP, a private investment company. He is the co-founder of Highbridge Capital Management, an alternative asset management company based in New York City, and a founding board member of the Robin Hood Foundation.

Early life

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Glenn Russell Dubin was born to a Jewish middle-class family in the Washington Heights section of upper Manhattan, New York. He is the oldest son of Harvey and Edith Dubin. His Russian-Jewish father, Harvey (1926–2011), was a taxi driver, who later worked in dress manufacturing.[4] His mother, Edith (1928–2019), was an Austrian Jewish immigrant who worked as a hospital administrator.[5]

Dubin attended public school at Washington Heights' P.S. 132 and went on to attend college at Stony Brook University, where he graduated in 1978 with a degree in economics. He was also a member of the school's football team and lacrosse club.[6] In May 2012, Dubin was the keynote speaker at Stony Brook University's commencement, and was conferred the honorary degree of Doctor of Letters for his contributions to the field of finance and philanthropy.[7]

Career

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Dubin began his career in finance as a retail stock broker at E. F. Hutton & Co. in 1978. At E. F. Hutton & Co. Dubin met and worked with Paul Tudor Jones.[8]

In 1984, Glenn Dubin and his childhood friend Henry Swieca co-founded Dubin & Swieca Capital Management.[9] The company was an early fund of funds business that constructed multi-manager hedge fund portfolios guided by the principles of modern portfolio theory. In 2005, the firm was renamed Corbin Capital Partners, as Dubin and Swieca were no longer involved in the day-to-day management of the company. The new name reportedly originated from an intersection in Washington Heights where the founders first met when they were 5 years old.[10]

In 1992, Dubin and Swieca founded Highbridge Capital Management with $35 million in capital, naming the institutional alternative-asset management firm after the 19th Century aqueduct that connects Washington Heights with the Bronx. In late 2004, J.P. Morgan Asset Management—a division of JPMorgan Chase—purchased a majority interest in Highbridge for $1.3 billion.[11][12][2]

Between 2004 and 2007, Highbridge grew to over $35 billion in assets under management.[13] In 2006, Highbridge invested as a joint venture in Louis Dreyfus Group to increase their access to and control of energy delivery within trading markets.[12]

In July 2009, J.P. Morgan Asset Management completed its purchase of substantially all remaining shares of the firm.[2] After the purchase, Dubin remained Highbridge's chief executive.[14]

In October 2012, it was announced that Dubin, Paul Tudor Jones and Timothy Barakett were among a group of investors buying the merchant energy operation, then called Louis Dreyfus Highbridge Energy ("LDH Energy"), and renamed the firm Castleton Commodities International, LLC.[15][16]

In 2013, Dubin founded the quantitative-trading firm Engineers Gate Manager LP.[17] The company along with Dubin's family office are headquartered at Hudson Yards.[17]

In 2015, CCI acquired Morgan Stanley's Global Oil Merchanting business, creating one of the world's largest independent energy merchants.[18] Dubin was the non-executive chairman,[19] and remains a member of the board of directors and the firm's lead shareholder.[20]

In January 2020, Dubin announced he was retiring from the hedge fund industry after four decades to focus on private investments and philanthropy through his family office, Dubin & Co.[21][22]

Philanthropy

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In 1987, Dubin was asked by his fellow hedge fund manager and friend Paul Tudor Jones to join him and Peter Borish in a venture philanthropy project Jones had conceived and started. The resulting Robin Hood Foundation has raised and granted more than $3 billion to fight poverty in New York City.[23][24] Dubin has served on the board since its founding, is a former board chair,[25] and sits on the Jobs and Economic Security subcommittee.

In 2010, Dubin established the Dubin Fellowship for Emerging Leaders at the Center for Public Leadership, an academic research center at Harvard Kennedy School, with a $5 million gift.[26] He had formed a relationship with the school two years prior while speaking before the school's students.[27] The fellowship provides tuition for up to ten students each year.[26] Dubin also serves on the Kennedy School's Dean's executive committee.[28]

In 2010, the Dubin family donated $4.3 million to Stony Brook University towards the creation of the Dubin Family Athletic Performance Center in the Stony Brook Indoor Sports Complex.[29] In 2015, the Dubin family donated $5 million towards the creation of Stony Brook University's Indoor Training Facility, which opened in 2020.[30][31]

Dubin is a trustee of the Mt. Sinai Medical Center.[26] He and his wife funded the Dubin Breast Center of the Tisch Cancer Institute at Mount Sinai in 2010 to provide comprehensive integrated breast care in a patient-centered environment. The multidisciplinary Center is headed by Dr. Elisa Port.[32]

On April 19, 2012, Dubin and his wife Eva signed The Giving Pledge, created by Bill Gates and Warren Buffett.[33] The commitment of the pledge is to give away at least 50% of their wealth to charity within their lifetime.[33][4]

Political donations

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Dubin is known for donating to Democratic causes and donated $75,000 in 2019. He donated to the congressional campaigns of Democrats Abigail Spanberger, Gil Cisneros, Max Rose, Dan McCready, and Elaine Luria. He also donated $1,000 each to the Presidential campaigns of Democrats Steve Bullock, and Michael Bennet. Pete Buttigieg received $2,800 from Dubin.[34]

In 2023, Dubin donated $100,000 to Super PAC and donated to Ramaswamy's campaign.[35]

Personal life

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In 1994, Dubin married physician Eva Andersson-Dubin. The couple have three children.[3] He first saw Eva on the New York Post's Page Six in a modeling photo.[4]

The Dubins live in Manhattan and own property in Colorado's Gunnison County as well as in Sweden.[citation needed]

Dubin and Jeffrey Epstein

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There are several connections between Dubin and Jeffrey Epstein. Epstein invested millions in Dubin's hedge fund and helped JPMorgan acquire Dubin's firm. Epstein had dated Dubin's wife, Eva Andersson for nearly a decade starting in the 1980s and the Dubins continued to maintain a friendship with Epstein, including after Epstein's arrest for sex trafficking in 2006. In testimony in Virginia Giuffre's 2015 civil suit against Ghislaine Maxwell, Giuffre testified that Maxwell instructed her to "have sex with Glenn Dubin" and others. There was no testimony as to what Giuffre actually did.[36]

References

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  1. ^ a b "#1168 Glenn Dubin". Forbes. August 29, 2019. Archived from the original on July 29, 2017. Retrieved August 29, 2019.
  2. ^ a b c "JPMorgan to Acquire Rest of Highbridge Capital". DealBook. The New York Times. June 11, 2009. Archived from the original on August 29, 2019. Retrieved August 29, 2019.
  3. ^ a b Mcdonell-Parry, Amelia (August 22, 2019). "Jeffrey Epstein: Who's Who in Underage Sex Trafficking Case". Rolling Stone. United States. Archived from the original on August 23, 2019. Retrieved August 29, 2019.
  4. ^ a b c d Tuckwood, Jan (June 11, 2018). "Dubin Breast Center: Doctor Turns Her Experience Into a Healing Center". Lifestyle. Palm Beach Post. United States. Archived from the original on September 2, 2019. Retrieved September 2, 2019.
  5. ^ "Inside Highbridge". Research. Institutional investor. June 10, 2004. Archived from the original on August 29, 2019. Retrieved July 17, 2024.
  6. ^ "Athletics Receives $4.3M Gift for New Strength Facility". Stony Brook University Happenings. United States. October 6, 2010. Archived from the original on November 1, 2010. Retrieved August 29, 2019.
  7. ^ "Glenn Dubin '78 conferred honorary degree at Stony Brook commencement". Stony Brook University Athletics. May 18, 2012. Archived from the original on July 16, 2021. Retrieved July 29, 2021.
  8. ^ Wachtel, Katya (June 15, 2011). "Meet Obama's New Best Friends". Business Insider. United States. Archived from the original on January 2, 2020. Retrieved January 1, 2020.
  9. ^ Schurr, Stephen (April 16, 2006). "Nobel to Invest in Hedge Funds for First Time". Financials. Financial Times. London. Archived from the original on August 30, 2019. Retrieved August 30, 2019.
  10. ^ "Corbin Capital Partners Is the New Name for Hedge Fund-of-Funds...". Pensions & Investments. United States. May 25, 2005. Archived from the original on August 30, 2019. Retrieved August 30, 2019.
  11. ^ Giannone, Joseph A. (June 11, 2009). "JPMorgan buys rest of Highbridge". Reuters. Archived from the original on October 21, 2021. Retrieved October 21, 2021.
  12. ^ a b Sorkinjan, Andrew (January 8, 2007). "Highbridge Hedge Fund Buys Stake in Louis Dreyfus Energy Business". Business Day. The New York Times. p. C2. Archived from the original on August 29, 2019. Retrieved August 29, 2019.
  13. ^ "Highbridge taps Kapnick to start private equity arm", Reuters, June 4, 2007, archived from the original on May 7, 2023, retrieved May 12, 2023
  14. ^ Guerrera, Francesco; Rathbone, John (October 26, 2010). "JPMorgan Inks $6bn Brazil Hedge Fund Deal". Banks. Financial Times. New York, N.Y., United States. Archived from the original on August 29, 2019. Retrieved August 30, 2019.
  15. ^ McCrum, Dan; Blas, Javier (October 3, 2012). "Louis Dreyfus to sell energy trader". Financial Times. New York, N.Y., United States. Archived from the original on August 11, 2019. Retrieved August 29, 2019.
  16. ^ "Louis Dreyfus and JPMorgan to Sell Energy Trading Venture". DealBook. The New York Times. October 4, 2012. Archived from the original on August 29, 2019. Retrieved August 29, 2019.
  17. ^ a b Morris, Keiko (December 4, 2017). "Hudson Yards Is Attracting More Financial Firms". The Wall Street Journal. New York, N.Y., United States. ISSN 0099-9660. Archived from the original on August 31, 2019. Retrieved August 31, 2019.
  18. ^ Leff, Jonathan (May 12, 2015). "Castleton joins oil trade titans with Morgan Stanley deal". Reuters. Archived from the original on October 21, 2021. Retrieved June 14, 2021.
  19. ^ Meyer, Gregory; Hume, Neil; Sheppard, David (May 11, 2015). "Morgan Stanley oil business sold for $1bn". Financial Times. Archived from the original on October 21, 2021. Retrieved June 14, 2021.
  20. ^ "Governance | CCI". www.cci.com. Archived from the original on October 21, 2021. Retrieved June 14, 2021.
  21. ^ Delevingne, Lawrence; Herbst-Bayliss, Svea (January 24, 2020). "Exclusive: Hedge fund billionaire Glenn Dubin retires from industry after 40 years". Business News. Reuters. New York, N.Y., United States. Archived from the original on January 25, 2020. Retrieved January 25, 2020.
  22. ^ Kruppa, Miles; Chaffin, Joshua (January 25, 2020). "Hedge fund veteran Glenn Dubin retires". FT.com. ProQuest 2344593713. Retrieved June 12, 2023 – via ProQuest.
  23. ^ Orr, Leanna (January 7, 2019). "Hedge Funds Built the Robin Hood Foundation. Can It Move Beyond Them?". Institutional Investor. Archived from the original on September 22, 2022. Retrieved October 8, 2022.
  24. ^ Serwer, Andy (September 18, 2006). "The legend of Robin Hood". Fortune. Archived from the original on January 1, 2020. Retrieved October 29, 2010.
  25. ^ White, Ben; Wighton, David (December 15, 2006). "The Disarming Banker". Investment Banking. Financial Times. Archived from the original on August 30, 2019. Retrieved August 30, 2019.
  26. ^ a b c "Gift launches fellowship fund". News & Announcements. The Harvard Gazette. United States. February 26, 2010. Archived from the original on August 29, 2019. Retrieved October 29, 2010.
  27. ^ Lorey, Andrew (March 1, 2010). "Kennedy School Receives $5 Million Gift to Support New Fellowship". The Harvard Crimson. United States. Archived from the original on June 2, 2015. Retrieved September 1, 2019.
  28. ^ McCafferty, Molly; Tumey, Jania (August 18, 2019). "Harvard Kennedy School Donor Glenn Dubin Implicated in Epstein's Alleged Sex Ring, Unsealed Filings Allege". The Harvard Crimson. United States. Archived from the original on August 26, 2019. Retrieved September 1, 2019.
  29. ^ Schonbrun, Zach (June 13, 2012). "At Stony Brook, Baseball Is Just the Latest Success Story". Sports. The New York Times. p. B15. Archived from the original on August 29, 2019. Retrieved August 29, 2019.
  30. ^ "SBU gets $5M pledge for indoor training center". Newsday. October 15, 2015. Archived from the original on February 11, 2020. Retrieved August 2, 2020.
  31. ^ "Dialed In: Your Lacrosse Fix for Thursday, Jan. 23". www.uslaxmagazine.com. January 22, 2020. Archived from the original on January 23, 2020. Retrieved August 2, 2020.
  32. ^ "Eva Andersson-Dubin, MD and Glenn Dubin's donation establishes Dubin Breast Center". The Mount Sinai Medical Center. Archived from the original on November 19, 2010. Retrieved October 29, 2010.
  33. ^ a b Loomis, Carol; Helft, Miguel (April 19, 2012). "The Total Number of Members, Many Signing Jointly With Their Spouses, Has Reached 81". Fortune. United States. Archived from the original on July 4, 2012. Retrieved August 29, 2019.
  34. ^ "Browse Individual contributions". FEC.gov. Archived from the original on May 8, 2019. Retrieved August 6, 2023.
  35. ^ "Meet the billionaires powering the 2024 GOP candidates". August 6, 2023. Archived from the original on August 6, 2023. Retrieved August 6, 2023.
  36. ^ Sherman, Gabriel (August 9, 2019). "Powerful Men, Disturbing New Details in Unsealed Epstein Documents". Vanity Fair. Archived from the original on August 10, 2019. Retrieved February 25, 2020.