Arpad Busson: Difference between revisions
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Busson first moved to [[New York]] in 1981 where he worked as a real-estate broker. |
Busson first moved to [[New York]] in 1981 where he worked as a real-estate broker. |
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Busson then started to make a good deal of money after he studied how to invest on behalf of others |
Busson then started to make a good deal of money after he studied how to invest on behalf of others. <ref>http://calbears.findarticles.com/p/articles/mi_qn4153/is_20050510/ai_n14620996/pg_3</ref> Busson entered the world of [[hedge fund]]s in 1996 working in Paris for Bernard Loze. Then employed as marketing representative by [[Paul Tudor Jones]]’s fund Tudor Investments. |
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Busson set up EIM in 1992 to help manage assets for his wealthy clients. In 1995, EIM had just seven employees with $100 million under management. Today Busson now employs 172 people around the world at EIM. The fund has $12.5 billion under management. On average, EIM's portfolios have generated gross returns of just under 12 per cent annually over the past decade. The firm distinguishes itself from its rivals by offering investors a bespoke service, creating tailor-made portfolios for clients to suit their risk appetites. EIM has offices in several cities, including New York, [[Gibraltar]], [[Nyon]], and [[Singapore]]. |
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In 1991, Busson founded the EIM Group to provide fund-of-fund management services to the growing institutional market for hedge funds. In 1995, EIM had just seven employees with $10 million under management. |
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On December 8, 2008 EIM was reported as being a victim of [[Bernard Madoff]]'s [[ponzi scheme]] [[Madoff investment scandal|scandal]], with assets of $230 million under Madoff's management.<ref>http://www.telegraph.co.uk/finance/financetopics/bernard-madoff/3853113/Bernard-Madoff-fraud-Betrayed-by-their-best-friend.html</ref><ref>{{citeweb|url=http://www.bloomberg.com/apps/news?pid=20601087&refer=home&sid=aodwWsCGHTFQ|title=Madoff Scheme Was ‘Impossible’ to Do Alone, Says EIM’s Busson |publisher=Blooberg|date=2008-12-16|accessdate=2009-06-18}}</ref> |
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== Charity == |
== Charity == |
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Revision as of 23:49, 7 July 2010
Arpad Busson | |
|---|---|
| Personal details | |
| Born | 27 January 1963 Boulogne-Billancourt, France |
| Children | Two |
| Occupation | Financier, Philanthropist |
Arpad A. Busson (known as Arki; born 27 January 1963) is a London-based socialite and French financier.[1] Busson entered the world of hedge funds in 1986 working in New York.[2] He is the founder and Chairman of the EIM Group, a fund-of-funds company that lost most of its assets under management while investing with Bernard Madoff in the Madoff investment scandal.[3]
Early Life
Busson was born in France. His father Pascal Busson was a former French army officer and Algeria veteran, and later turned financier. His mother, Florence "Flockie" Harcourt-Smith, was an English former debutante. Busson's aunt, Joanna Harcourt-Smith, was a companion of Timothy Leary.[4] His parents met in Paris and named their son after the Hungarian-born banker Árpád Plesch (1889–1974), who was not only Florence Busson's stepfather (he was the second husband of her mother, Marysia Ulam Krauss Harcourt-Smith), but also her stepgrandfather (Plesch's first wife was his second wife's mother, Leonie Ulam).[5] Plesch also was a mentor to Italy's richest man, the late head of Fiat, Gianni Agnelli.[6]
Growing up in France, some sources have suggested that Busson made early profits selling toothpicks door-to-door (which he denies),[7] but he was educated in France and at the Institut Le Rosey in Switzerland. He then served national service as a nurse in the Swiss army, where a friend said: "He loved the discipline of the army - it was the making of him."[8].
On being demobilised, Busson luxuriated in the Riviera life, enjoying a well-publicised relationship with the actress Farrah Fawcett and appearing regularly in the tabloid gossip columns. As he often refuses to give interviews, stories surround Busson - the story about Fawcett is that he masqueraded as an Italian prince on the French Riviera where he wooed Fawcett away from Ryan O'Neal. The story is only partly true, in that it was perpetuated by the gossip columnist "Taki" as a sort of in-joke: Taki knew Busson's mother, who was friends with Fawcett; Busson's father often met Fawcett at dinner parties.[7]
Finance career
Busson first moved to New York in 1981 where he worked as a real-estate broker.
Busson then started to make a good deal of money after he studied how to invest on behalf of others. [9] Busson entered the world of hedge funds in 1996 working in Paris for Bernard Loze. Then employed as marketing representative by Paul Tudor Jones’s fund Tudor Investments.
Busson set up EIM in 1992 to help manage assets for his wealthy clients. In 1995, EIM had just seven employees with $100 million under management. Today Busson now employs 172 people around the world at EIM. The fund has $12.5 billion under management. On average, EIM's portfolios have generated gross returns of just under 12 per cent annually over the past decade. The firm distinguishes itself from its rivals by offering investors a bespoke service, creating tailor-made portfolios for clients to suit their risk appetites. EIM has offices in several cities, including New York, Gibraltar, Nyon, and Singapore.
On December 8, 2008 EIM was reported as being a victim of Bernard Madoff's ponzi scheme scandal, with assets of $230 million under Madoff's management.[10][11]
Charity
Since the early nineties, Busson has been heavily involved in charitable work. He is a well-known proponent of “venture philanthropy” which seeks to multiply the effectiveness of charitable pursuits by applying to them the same sound management practices which are essential to successful business ventures.
Busson is a founding trustee of the children's charity ARK (Absolute Return for Kids) and serves as chairman of its board of directors. Busson held the post of Chairman since the charity’s inception. He stepped down from that position in 2009 but remains a member of the Board as founding chairman, and as chairman of ARK US.
ARK raises charitable contributions from the hedge fund industry for children who are victims of abuse, disability, illness and poverty.[12] ARK finances and manages projects aimed at transforming the lives of children in Eastern Europe, South Africa and the UK through education and healthcare.
Its activities include treating AIDS victims in Africa, taking children out of care in Bulgaria and Romania and developing educational opportunities for disadvantaged children in India.[13] It also operates eight academies, six of which are in London, through its subsidiary charity ARK Academies.[14]
Busson says of ARK: "If we can apply the entrepreneurial principles we have brought to business to charity, we have a shot at having a really strong impact, to be able to transform the lives of children."[6]
Personal life
Busson has two sons by his relationship with the model Elle Macpherson, Arpad Flynn Alexander Busson and Aurelius Cy Andrea Busson. The couple got engaged in August 2003.
The couple parted in July 2005, and issued a joint statement: "Whilst remaining the greatest of friends, we have decided to spend some time apart to consider our future. We have had, and in many ways continue to have, a wonderful relationship, which has produced two beautiful children. There is no third party involved.[15]
Busson is engaged to the twice divorced, Hollywood actress Uma Thurman.[16] On 8 December 2009 it was reported that the two had broken up. but weeks later they where back together[17]
In 2006, Busson was voted the seventh most wanted person at a party in the United Kingdom, according to Tatler magazine - while Macpherson was voted in at eleventh.[18]
References
- ^ "Arpad Arki Busson". Webcache.googleusercontent.com. Retrieved 2010-07-05.
- ^ Costello, Miles (2007-12-31). Monday manifesto: Arpad Busson. Retrieved on 2008-06-29 from http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article3111342.ece.
- ^ Caroline Waxler (2009-01-08). "Madoff Fallout: Arki Busson And Feeder Funds". Businessinsider.com. Retrieved 2010-07-05.
{{cite web}}: Text "5" ignored (help); Text "735" ignored (help); Text "Jan. 8, 2009, 2:49 PM" ignored (help) - ^ Etti (Mrs Arpad) Plesch, Horses & Husbands: The Memoirs of Etti Plesch, Dorset: Dovecote Press, pages 130-139
- ^ Etti (Mrs Arpad) Plesch, Horses & Husbands: The Memoirs of Etti Plesch, Dorset: Dovecote Press, pages 130-139
- ^ a b EducationGuardian.co.uk (2005-05-29). "Can this 'venture philanthropist' save our schools?". London: The Observer. Retrieved 2008-05-18. Cite error: The named reference "EdGuard" was defined multiple times with different content (see the help page).
- ^ a b Walsh, Katie (2008-05-18). "Arpad Busson, a hedge fund 'hippy'". London: The Sunday Times. Retrieved 2008-05-18.
- ^ Cobain, Ian (2005-07-06). "From playboy to playgrounds: the speculator turned philanthropist with big plans for pupils". The Guardian. London. Retrieved 2010-04-25.
- ^ http://calbears.findarticles.com/p/articles/mi_qn4153/is_20050510/ai_n14620996/pg_3
- ^ http://www.telegraph.co.uk/finance/financetopics/bernard-madoff/3853113/Bernard-Madoff-fraud-Betrayed-by-their-best-friend.html
- ^ "Madoff Scheme Was 'Impossible' to Do Alone, Says EIM's Busson". Blooberg. 2008-12-16. Retrieved 2009-06-18.
- ^ "Canaccord Capital Inc. Announces New Directors". Prnewswire.co.uk. Retrieved 2010-07-05.
- ^ Walsh, Katie (2008-05-18). "Arpad Busson, a hedge fund 'hippy'". London: The Sunday Times. http://business.timesonline.co.uk/tol/business/industry_sectors/support_services/article3952782.ece. Retrieved 2008-05-18.
- ^ "ARK Academies, registered charity no. 1111608". Charity Commission for England and Wales.
- ^ Browne, Rachel (2005-06-26). "Supermodel denies there's anyone else after split with Busson". The Sun-Herald. http://www.smh.com.au/news/people/elle-denies-theres-anyone-else-after-split/2005/06/25/1119321946751.html. Retrieved 2008-05-18.
- ^ "Actress Uma Thurman locks lips with millionaire boyfriend on park bench". Daily Mail. 2008-05-25. Retrieved 2008-05-26.
- ^ "Uma Thurman splits from multimillionaire fiance Arpad Busson". 2009-12-08.
- ^ "Camerons top Tatler party charts". BBC News. 2006-07-03. Retrieved 2010-04-25.
External links
- Bio at his charity ARK
- EIM Group corporate website
- Profile in Bloomberg magazine