Seven-year veteran departs Corvex hedge fund

Discussion in 'Wall St. News' started by dealmaker, Jan 27, 2018.

  1. dealmaker

    dealmaker

    Seven-year veteran departs Corvex hedge fund
    By Carleton English

    January 26, 2018 | 7:04pm

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    Corvex Management founder and managing partner Keith Meister Reuters
    Hedge fund mogul Keith Meister’s Corvex Management just reshuffled its top deck.

    Research Director Malcolm Levine has left the hedge fund Thursday after “seven great and rewarding years,” according to an e-mail seen by The Post.

    Two sources familiar with Levine’s departure said that the 35-year-old hedgie may look to launch his own fund.

    Prior to Corvex, Levine, a Stanford graduate, spent nearly five years at Leon Black’s Apollo Global Management.

    Levine quickly rose up the ranks at Corvex, earning the title of research director four years into his stint at the hedge fund.

    But Levine’s departure marks other changes at Corvex.

    Instead of having a research director, the fund is taking on a flatter organizational structure, with three investment professionals assuming similar duties, according a source.

    The changes come as Corvex had mixed results over the past year.

    Investments in Pandora and Centurylink have not performed well. Shares of the music-streaming service fell by more than half, to $4.34, since Corvex announced its stake in the company in May 2016.

    Meanwhile, shares of Centurylink — Corvex’ largest US position — are down 23 percent since the fund announced its stake in the company in May 2017.

    In August, Corvex revealed a $400 million investment in French yogurt-maker Danone, which has gained 7.6 percent since the investment was announced.

    Corvex and Levine declined to comment.


    https://nypost.com/2018/01/26/seven...urce=nypbusinesstwitter&utm_medium=SocialFlow