Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your experience. Save up to 40% More details

Exclusive: Hedge fund billionaire Glenn Dubin retires from industry after 40 years

Stock MarketsJan 24, 2020 05:11PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
© Reuters. Dubin, founder of hedge fund Engineers Gate, poses for a portrait in New York

By Lawrence Delevingne and Svea Herbst-Bayliss

NEW YORK (Reuters) - Glenn Dubin, who made a fortune building and managing hedge funds, is retiring from the industry after 40 years to focus on private investments, the billionaire investor said.

Dubin, 62, will turn over management and his equity stake in Engineers Gate LP, the quantitative hedge fund firm he founded in 2014, at the end of January, he told Reuters in an interview on Thursday.

Engineers Gate President Greg Eisner will take over as chief executive and chair the investment committee. Dubin said Eisner already ran most day-to-day operations of the approximately $1 billion firm.

The firm hopes to increase its assets to as much as $2 billion despite profits cut by the high fees of building the high-tech business, according to a person familiar with the situation. Engineers Gate’s annualized gains of about 13% over the last four years come out to about 5% for clients, net of fees, the person said.

Dubin's exit adds him to a growing list of prominent managers who have stepped back from running hedge funds, including Louis Bacon, John Griffin, Stephen Mandel and Leon Cooperman, at a time of increasing pressure from clients and muted industry returns.

Dubin said he plans to focus on direct investing--as opposed to passive stakes in hedge funds--through his family office, Dubin & Co.

He is also on the boards of The Robin Hood Foundation, The Museum of Modern Art and Mount Sinai Health System, in addition to the executive committee of the Harvard Kennedy School.

"I want to be active, I want to be on boards, I want to be invested in operating companies," Dubin said.

Engineers Gate, based in New York and named after an entrance to Central Park, launched with $100 million from Dubin. The firm started with four portfolio managers and now has 14, among 90 other employees.

He said the decision to leave Engineers Gate had nothing to do with media attention related to his old association with Jeffrey Epstein, the late U.S. financier charged with trafficking underage girls.

Dubin told Reuters that news coverage of his and his wife Eva Andersson-Dubin’s relationship with Epstein and related allegations by Epstein accuser Virginia Giuffre had been "false" and upsetting but that he was encouraged by loyal friends who showed support.

The son of a New York City taxi driver and a first-generation college graduate, Dubin partnered with childhood friend Henry Swieca in 1992 to form Highbridge Capital Management, which became one of the largest and best-known hedge fund firms.

In 2004, the pair sold a majority stake to JPMorgan Chase & Co (N:JPM). Dubin left Highbridge in 2013, when it controlled approximately $35 billion.

Dubin said he was proud of his time in the investment industry but had long planned to step back, especially with the growth of Engineers Gate and his youngest child leaving home for college.

"It’s bittersweet," Dubin said by telephone. "I’ve had a phenomenal career."

Exclusive: Hedge fund billionaire Glenn Dubin retires from industry after 40 years

Related Articles

Global automakers face electric shock in China
Global automakers face electric shock in China By Reuters - May 25, 2022

By Norihiko Shirouzu BEIJING (Reuters) - If global automakers think they can extend their dominance in China into the electric era, they may be in for a shock. Kings of the...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
Sign up with Email