Backlash: Hedge Fund Kicks Out Family That Makes OxyContin
As backlash against America's painkiller addiction grows, gedge fund Hildene Capital Management has cut ties with the billionaire family that controls the OxyContin maker Purdue Pharma. According to The Wall Street Journal , Hildene fund manager Brett Jefferson forced the Sackler family who is invested in the $10 billion fund to start redeeming their investments. “An opioid-related tragedy affected someone with a personal relationship to me and other members of Hildene,” Jefferson said in a statement, which he said occurred in 2017. At the time, the Stamford, Conn. hedge fund donated money to an organization fighting the opioid epidemic and has since contemplated ending the firm's relationship with the Sacklers, he wrote. “Last year the weight on my conscience led me to terminate the relationship and initiate the redemption procedure,” Jefferson wrote. Hildene joins a long list of universities, museums, and nonprofits, including the New York Academy of Sciences and Columbia University, that have all questioned their relationship with the Family.
Backlash: Hedge Fund Kicks Out Family That Makes OxyContin
As backlash against America's painkiller addiction grows, gedge fund Hildene Capital Management has cut ties with the billionaire family that controls the OxyContin maker Purdue Pharma. According to The Wall Street Journal , Hildene fund manager Brett Jefferson forced the Sackler family who is invested in the $10 billion fund to start redeeming their investments. “An opioid-related tragedy affected someone with a personal relationship to me and other members of Hildene,” Jefferson said in a statement, which he said occurred in 2017. At the time, the Stamford, Conn. hedge fund donated money to an organization fighting the opioid epidemic and has since contemplated ending the firm's relationship with the Sacklers, he wrote. “Last year the weight on my conscience led me to terminate the relationship and initiate the redemption procedure,” Jefferson wrote. Hildene joins a long list of universities, museums, and nonprofits, including the New York Academy of Sciences and Columbia University, that have all questioned their relationship with the Family.