Patrick Degorce (born 1969) is a French hedge fund manager, and the founder and chief executive officer (CEO) of Theleme Partners LLP.
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Patrick Degorce
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| Born | 1969 (age 54–55) |
| Nationality | French |
| Occupation | Hedge fund manager |
| Known for | Founder and CEO, Theleme Partners LLP |
Early life edit
Degorce has French nationality, and Swiss residence.[1]
Career edit
Degorce was an officer in the French Navy in his 20s, before switching to a career in financial services.[2][3]
He worked for Merrill Lynch Investment Managers for seven years, rising to fund manager.[3][4]
In 2003, Degorce was a co-founder, along with Chris Hohn, of The Children's Investment Fund Management (TCIF) hedge fund.[5]
In 2007, Degorce wrote to the Dutch bank ABN AMRO calling for its break up, citing its unsuccessful cost-cutting plans.[3] The letter and subsequent press attention ultimately led to its purchase by a consortium led by Royal Bank of Scotland, in what was at the time the world's largest bank takeover at US$98.3 billion.[3][6]
In 2009, Degorce founded Theleme Partners LLP, a hedge fund based at 15 Davies Street, Mayfair, London, and is its CEO and CIO.[7] Theleme is based in the same premises as hedge fund powerhouse Lansdowne Partners, with whom they share some back office functions.[3]
Degorce was British Prime Minister Rishi Sunak's boss at the Children's Investment Fund Management and Theleme Partners.[5][8]
In 2011, Degorce was one of the earliest investors in the pharmaceutical company Moderna (when they only had about ten employees), in the hope that they could help find a cure for his "high school sweetheart" wife, who had Stage IV lung cancer.[9]
In October 2017, following hearings at lower courts, three judges at the Court of Appeal ruled in favour of HMRC in respect of a film financing tax avoidance scheme dating back to 2006–07, and Degorce was liable to pay tax of £7.5 million.[10]
As of November 2017, Theleme Partners managed funds totalling US$2.8 billion.[11]
References edit
- ^ "Patrick DEGORCE". Companies House. Retrieved 6 August 2022.
- ^ "Patrick Degorce". Institutional Investor. 14 June 2010. Retrieved 6 August 2022.
- ^ a b c d e "Hedgie Degorce calls up old friends to set up a fund at Lansdowne's offices". City AM. 12 July 2009. Retrieved 6 August 2022.
- ^ Fletcher, Laurence (9 January 2009). "TCI founder, partner Degorce leaves hedge firm". Reuters. Retrieved 6 August 2022.
- ^ a b Partington, Richard (14 February 2020). "New chancellor Rishi Sunak challenged over hedge fund past". The Guardian. Retrieved 6 August 2022.
- ^ Sebastiano, Craig (30 July 2007). "ABN Boards Drop Support for Barclays Bid". Benefits Canada. Retrieved 28 August 2022.
- ^ "Patrick Degorce Chief Executive Officer, Theleme Partners LLP". Bloomberg LP. Retrieved 6 August 2022.
- ^ Peston, Robert (17 February 2020). "Robert Peston on 'Boris Johnson's hedge-fund government'". ITV. Retrieved 6 August 2022.
- ^ Chung, Juliet (2 October 2020). "The Millionaire Who Gave Moderna a Shot". The Wall Street Journal. Retrieved 6 August 2022.
- ^ Kinder, Tabby (12 October 2017). "Hedge fund manager loses multi-million pound tax battle". Financial News. Retrieved 6 August 2022.
- ^ Lovell, Hamlin (November 2017). "Tomorrow's Titans 2010–2016: Revisited". The Hedge Fund Journal. Retrieved 6 August 2022.