Industry News

Check out the latest news and insight from the ever-evolving world of institutional investing and hedge funds from around the globe.

To submit industry-related press releases or request feature ideas please contact

News Archive

Read More Industry News >

Elliott Management Urges for Restructuring of Oil Company

Jan 29, 2013
Jing Chen

Hedge fund firm Elliott Management announced Tuesday that it is looking to break up oil group Hess Corporation in an attempt to boost the latter’s value.

New York-based Elliott, which owns about 4% of Hess, said in the statement that it has urged the oil company to consider a spinoff of its holdings in the U.S. and to sell its retail operations.

The hedge fund also said that it will nominate five executives to Hess’ board to combat its underperformance for the past decade.  John Pike, a portfolio manager at Elliott, added that Hess’ corporate governance failed because its board had been “unable and unwilling to challenge management.”

Elliott claimed that if Hess follows the outlined plans, it would bring its shares -- which have fallen by 5% over the past four year -- to $126 each.

Founded in 1977, Elliott has over $21 billion in assets under management.


Read More Industry News >

eVestment’s 2016 Hedge Fund Industry Outlook

Request Your Copy