Davidson Kempner Capital Management
Type | Limited Partnership |
---|---|
Industry | Hedge fund |
Founded | May 1983 |
Founder | Marvin H. Davidson |
Headquarters | 520 Madison Avenue, New York, New York with other offices in London, England Hong Kong Dublin Philadelphia[1] |
Area served | Worldwide |
Key people | Anthony A. Yoseloff (Executive Managing Member) |
AUM | US$ 34 billion (as of 2020)[2] |
Number of employees | 347 (March 2019)[3] |
Website | https://www.davidsonkempner.com |
Davidson Kempner Capital Management LP (“Davidson Kempner”) is a global institutional alternative investment management firm with over $34 billion in assets under management.[4][5] Davidson Kempner is headquartered in New York City, with additional offices in London, Dublin, Hong Kong and Philadelphia.[6][7][8] The firm is led by Anthony A. Yoseloff who serves as Executive Managing Member and Chief Investment Officer.[9]
As of September 17, 2018, Davidson Kempner was ranked as the 9th largest hedge fund in the world.[10]
Davidson Kempner has approximately 347 employees in the firm’s five offices.[3] The firm is headquartered at 520 Madison Avenue in New York, New York.[4][11]
History[]
Davidson Kempner was founded in May 1983 by Marvin H. Davidson and was initially named M.H. Davidson & Co.[12] Thomas L. Kempner, Jr. joined the firm in December 1984 and was promoted to partner in 1986 and appointed to executive managing member in January 2004.[13] The firm opened to outside capital in 1987 and was registered as an investment adviser with the Securities and Exchange Commission in 1990.[11][14] Anthony A. Yoseloff joined in August 1999 and became a managing member in January 2004. Yoseloff became co-deputy executive managing member in January 2012, and co-executive managing member with Kempner as of January 1, 2018.[citation needed] Kempner retired at the end of 2019.[15]
Investments[]
In Summer 2020, the firm rescued Virgin Atlantic with $170 million of emergency funding to help offset the impact of the COVID-19 pandemic on the airline.[16]
In February 2021, an agreement was signed with Alpha Bank of Greece for the acquisition of an 80% equity stake in the asset management vehicle Cepal Holdings which manages approximately €10.8B of bad assets. [17] [18] At the same time, 51% of mezzanine and junior debt of a related vehicle called Galaxy was acquired by Davidson Kempner. The transaction closed in June 2021, with a valuation of the 80% stake at €120M, with total capitalization of the "new" Cepal at €262M, of which €105M is provided through a new loan arranged by Alpha Bank and EBRD. [19][20]
Investment strategies[]
Davidson Kempner uses fundamental analysis, bottom-up approach to make its investments.[12][21]
The firm focuses on five investment strategies:
- merger arbitrage;
- distressed investments;
- long/short equity;
- convertible bonds arbitrage;
- long/short credit.[4][22]
Management[]
Anthony A. Yoseloff is Executive Managing Member and Chief Investment Officer at Davidson Kempner Capital Management and manages the firm’s distressed investments department.[23] Yoseloff also serves on the Board of Trustees of Princeton University, The New York Public Library and Leadership Enterprise for a Diverse America. Yoseloff serves on the investment committee of The New York Public Library and is a member of the Board of Directors of PRINCO, the investment manager of the Princeton University endowment.[23][24][25]
References[]
- ^ "Davidson Kempner Ireland Designated Activity Company". Vision-net. May 12, 2017.
- ^ "Davidson Kempner Capital Management Review". SmartAsset. 30 August 2019.
- ^ Jump up to: a b "FORM ADV Davidson Kemner Capital Management". U.S. Securities and Exchange Commission. March 29, 2019.
- ^ Jump up to: a b c Peter Lattman (23 April 2019). "Davidson Kempner Co-Founder Plans to Retire From Hedge Fund". Bloomberg L.P.
- ^ Sam Jones (August 7, 2013). "Hedge funds profit from return of M&A". Financial Times.
- ^ "Investment Adviser Search Results". SEC.gov. Retrieved February 11, 2014.
- ^ "Proposed Additional Investments" (PDF). NJ.gov. Retrieved February 20, 2014.
- ^ "Shareholding Disclosures". HKExnews. Retrieved February 19, 2014.
- ^ "Thomas Lenox Kempner Jr". Bloomberg L.P. April 22, 2018.
- ^ "The largest managers of hedge funds". Pensions & Investments. September 17, 2018.
- ^ Jump up to: a b "Company Overview of Davidson Kempner Capital Management LLC People". Bloomberg BusinessWeek. Retrieved February 20, 2014.
- ^ Jump up to: a b "Proposed Additional Investments" (PDF). NJ.gov. Retrieved February 20, 2014.
- ^ "Top 100 Hedge Funds up 17%, Power past $550B Mark". HedgeTracker.com. June 18, 2012.
- ^ "Davidson Kempner offers event-driven strategy". Hedge Fund Intelligence. May 29, 2007.
- ^ "Davidson Kempner Co-Founder Plans to Retire From Hedge Fund". Bloomberg L.P. 23 April 2019.
- ^ Gill, Oliver (13 March 2021). "Hedge fund that rescued Virgin Atlantic circles Gupta's steel empire". Telegraph Media Group Limited.
- ^ "Alpha Bank to sell 10.8 billion euro portfolio to Davidson Kempner".
- ^ "Δεσμευτική Συμφωνία για Galaxy και πώληση 80% της Cepal".
- ^ "Ολοκληρώθηκε η πώληση του Galaxy".
- ^ https://www.alphaholdings.gr/-/media/alphaholdings/files/etairikes-anakoinwseis/20210622etairiki-anakoinosi-en.pdf
- ^ "Company Overview of Davidson Kempner Capital Management LLC Snapshot". Bloomberg BusinessWeek. Retrieved February 20, 2014.
- ^ "Arizona PSPRS Trust" (PDF). Public Safety Personnel Retirement System of Arizona. October 2010. Archived from the original (PDF) on 2014-03-08. Retrieved 2014-02-21.
- ^ Jump up to: a b "Board of Directors". Princo Careers. Retrieved April 28, 2018.
- ^ "Judge Robert Katzmann and Anthony Yoseloff Named to the New York Public Library's Board of Trustees". New York Public Library. November 18, 2016.
- ^ "The New York Public Library Appoints Geetanjali Gupta as Chief Investment Officer". New York Public Library. January 9, 2018.
External links[]
- Financial services companies established in 1983
- Hedge funds
- Hedge fund firms in New York City
- Alternative investment management companies
- Institutional investors
- Privately held companies of the United States