Scene Last Night: Dubin, Kiernan, Tudor Jones, BarakettAmanda Gordon
The closing of hedge funds this year didn’t affect fundraising for the Dubin Breast Center’s fourth annual benefit, according to its namesake.
“We’re sold out,” Glenn Dubin said last night in the lobby of the Mandarin Oriental. “Look around: It’s a real cross-section of the business and medical community here.”
In the crowd of 500 were Jeff Blau, chief executive of Related Cos., and David Shapiro, a partner at Wachtell, Lipton, Rosen & Katz. Doctors included Christina Weltz, a surgeon, and Ira Bleiweiss, a pathologist, who both work at the Dubin Breast Center, affiliated with the Mount Sinai Health System, and were honored.
Some hedge-fund managers attended too, such as Paul Tudor Jones; Matthew Edmonds, president of Hutchin Hill Capital; and Curtis Schenker, president of Scoggin Capital Management. Dubin, who co-founded Highbridge Capital Management and is now running Dubin & Co., his own private investment firm, made sure to greet them -- after spending a few moments on the topic of fund closings.
“What’s happened is we’ve had two years of strong equity-market performance, so the long-only managers have done particularly well, and hedge funds as a result on a relative basis are not looking terrific,” Dubin said, adding that investors need to adjust for volatility.
At his new firm, Dubin said he’s concentrating on two companies: Castleton Commodities International and Engineers Gate.
“I’m having a great time,” he said. “I’m back to doing what I really enjoy doing, which is building businesses and being an entrepreneur.”
Scott Kapnick, a former Goldman Sachs partner, has done a “fantastic” job running the business, Dubin said.
Another Highbridge alum at the event was Todd Builione, who now co-heads KKR’s hedge-fund business. Others connected to the industry were Chris and Beth Kojima -- he’s global co-head of alternative investments and manager selection at Goldman Sachs, she’s at TPG-Axon Capital Management.
Dubin didn’t sound worried about his friends who support his charity. “It’s a cyclical phenomenon,” he said. “Whether it’s the hedge-fund industry consolidating or the investment-banking industry consolidating, it happens, and people seem to find their way.”
Timothy Barakett, who’s running a family office after shutting down his hedge fund, Atticus, in the wake of the financial crisis, said he doesn’t worry about hedge-fund managers either. “I don’t really miss it,” he added, explaining that he likes “having no clients, and being able to be patient.”
Peter Kiernan, CEO of Kiernan Ventures and a former Goldman Sachs partner, said what’s happening to hedge funds is “the natural progression as the industry matures. There’s so much concentration going on, if you look at the portion controlled by the top 20 or 30, the numbers are just going up and up.”
Starting a new hedge fund “used to be a lot easier,” and now higher regulatory requirements make it “tricky” for startups to compete, Kiernan said. “It’s really turned into a game of giants.”
Those out of a job “will go back to the bigger hedge-fund shops,” which could let them “concentrate on what they do best,” instead of worrying about heat, light and power, Kiernan said.
Kiernan is gearing up for the 2015 release of a book he’s written about “how we’re killing the middle class and we need to stop,” he said.
“It’s about American mojo,” his wife, Eaddo, said.
Mojo was in ample supply at the benefit. Eva Dubin, Glenn Dubin’s wife and a physician, called in Patty Smyth to perform, as well as Jonas Myrin and Jones’s daughter Caroline, who sang John Legend’s “All of Me.” Kara DioGuardi, a patient of the center, talked about her mastectomy. “I loved my breasts, they were my favorite things,” DioGuardi said. “I took pictures of them the night before my surgery.”
The center has treated 80,000 patients, including Adele Rivas, who in a video said she found out she had breast cancer the same day she learned she was pregnant. A second later guests saw footage of her with her son and husband.
“This is a celebration of all we’ve accomplished but also, we have a message that there’s so much more to do,” Elisa Port, a surgeon and the center’s co-director, said during cocktail hour. “That includes expanding the number of patients we can treat and research.”
The event raised $2.16 million, about $59,000 more than the total last year, when the honoree was Sonia Jones, the wife of Tudor Investment Corp.’s founder.