Ex-JPMorgan CFO Braunstein to Help Run Money Management FirmDakin Campbell and Saijel Kishan
Douglas L. Braunstein, the former chief financial officer of JPMorgan Chase & Co. and James C. Woolery, previously co-head of the bank’s North American mergers business, are starting an investment firm called Hudson Executive Capital.
Braunstein and Woolery, who most recently was Chairman elect of law firm Cadwalader, Wickersham & Taft LLP, and a group of 14 men with chief executive officer experience are committing $250 million to start the New York-based firm, according to a statement today.
“The firm has been formed to identify opportunities where actionable strategic and corporate finance solutions can drive returns through constructive engagement with managements, boards and shareholders,” according to the statement. The firm said it would be achieved through mutual respect.
Hedge funds that focus on amassing stakes in companies and then try to get management and boards to make changes to boost returns received $14.2 billion of the $76.4 billion in investor deposits last year, according to Hedge Fund Research Inc. So-called activist funds manage about $120 billion.
Bill Ackman, who runs Pershing Square International, and wages some of the most high-profile campaigns, posted a return of 32.8% for the first 10 months of 2014, making it the No. 1 fund in Bloomberg Markets’ annual ranking of the best-performing large hedge funds.