Larry Robbins Explained

Larry Robbins
Birth Date:[1]
Nationality:American
Education:University of Pennsylvania[2]
Occupation:Hedge fund manager
Known For:Founding and managing Glenview Capital Management
Owner of the Chicago Steel
Spouse:Amy Towers (divorced)
Sarahmay Robbins
Children:4 sons

Larry Robbins (born 1969) is an American hedge fund manager and philanthropist. He is the chief executive of Glenview Capital Management, a hedge fund with approximately $7.7 billion of capital under management as of March 2019.[3]

Early life and education

Robbins grew up in a Jewish family[4] in Arlington Heights, Illinois.[5] He graduated with honors from the Jerome Fisher Program in Management and Technology at the University of Pennsylvania in 1992, where he received a B.S. in economics with concentrations in accounting, finance, marketing and a B.S in engineering, with a major in systems engineering.[2] [6] [7] Robbins played hockey throughout college and was captain of the University of Pennsylvania club team for three years.[8] Robbins became a Certified Public Accountant in 1991 in Illinois.[1]

Investment career

After graduation, Robbins worked at Gleacher & Company, a merger and advisory boutique in New York.[6] [7] He joined Leon Cooperman at Omega Advisors after three years at Gleacher.[6] [7] Robbins spent six years as an analyst and partner at Omega Advisors on their US equity long/short team.[7] Robbins left Omega to start Glenview Capital Management in 2000, named after the suburban Chicago hockey area where he started playing hockey at age five.[9] [5] In 2012, he made a successful bet by investing in hospital companies that he thought would benefit from Obamacare.[10] Unlike most hedge funds, Robbins is known for holding stocks for years and not employing stop-losses. Robbins is currently the firm's CEO and portfolio manager.

Personal life

Robbins has four sons, by his first wife Amy Towers, who he later divorced.[11] [12] In 2012, he married his second wife, Sarahmay Wesemael.[5] He lives in Alpine, New Jersey but has recently relocated to South Florida.[13] Robbins is the owner of the Chicago Steel of the USHL.[14]

Wealth and philanthropy

Robbins serves as chairman of the board for both the Knowledge is Power Program (KIPP) New York and Relay Graduate School of Education. He is a member of the board of directors for The Robin Hood Foundation and chairs the education committee. He is a member of the board of directors for Teach For America (New York) and was an honoree at the 2013 Annual Benefit Dinner.[15] Through their Robbins Family Foundation, Larry and his wife Sarahmay are active supporters of education reform both in New York City and across the US.[16] In addition, Robbins is the Senior Chair of the Wall Street Division of the UJA-Federation and the recipient of the 2007 Young Leadership Award.[17]

In 2014, Robbins reportedly earned $570 million (including his share of his firm's management and performance fees, cash compensation and stock and option awards).[18]

Notes and References

  1. News: Lawrence Michael Robbins CPA. . August 26, 2014.
  2. News: Larry Robbins. . August 23, 2014.
  3. News: Glenview Capital Lost $2 Billion in Assets in About Nine Months. Bloomberg.com. 3 May 2019.
  4. https://dealbook.nytimes.com/2013/06/12/wall-street-titans-celebrate-uja-federation/?_php=true&_type=blogs&_r=0 New York Times Dealbook: "Wall Street Titans Celebrate UJA-Federation" By WILLIAM ALDEN
  5. News: Glenview's Robbins Tops Hedge-Fund Ranking. Katherine Burton, Anthony Effinger and Kelly Bit . . January 7, 2014.
  6. News: King of Consistency - Larry Robbins' High Conviction Stocks in Review. GuruFocus. . December 31, 2013.
  7. News: Larry Robbins. . May 17, 2013.
  8. News: Bullish on Obamacare. Erin E. Arvedlund. . July 27, 2013.
  9. Web site: Forbes profile: Larry Robbins . Forbes . 11 September 2019.
  10. http://online.barrons.com/news/articles/SB50001424052748704755304578621540036830574 Barrons: "Bullish on Obamacare, Hedge-fund star Larry Robbins has made a big bet on hospitals and is pushing them a little harder to buy back stock or make acquisitions. Why he's taking on HMA" By Erin E. Arvedlund
  11. http://nymag.com/news/features/2007/hedgefunds/30343/ New York Magazine: "Who Gets to Marry a Billionaire? Hedge-fund wives and where they come from" by Tim Murphy
  12. http://www.nysun.com/out-and-about/out-about-2006-11-30/44384/ New York Sun: "Out & About" By A.L. GORDON
  13. http://www.northjersey.com/news/hockey-fan-cleared-to-build-indoor-rink-1.214895 North Jersey.com: "Ice rink in Cresskill residence cleared for construction after lawsuit dismissed" By DEENA YELLIN
  14. Web site: About the Steel.
  15. News: Larry Robbins. November 22, 2013. Robin Hood Foundation.
  16. News: Larry Robbins. Invest for Kids. August 27, 2014.
  17. News: Mediocrity Be Gone. Robin Hood Foundation. August 26, 2014.
  18. Book: H. Kent Baker. Greg Filbeck. Hedge Funds: Structure, Strategies, and Performance. 26 July 2017. Oxford University Press. 978-0-19-060739-5. 52–.