Billionaire Glenn Dubin retiring from hedge fund amid fury over Jeffrey Epstein ties
Billionaire Glenn Dubin — caught in a firestorm over his controversial ties to dead sex predator Jeffrey Epstein — said Friday he’s retiring from his hedge fund.
The 62-year-old money manager — who, along with his wife Eva Andersson-Dubin, was reportedly a longtime friend of the late pedophile — insisted in a memo to staff that he was leaving his fund Engineers Gate in a pre-planned transition to enable his younger partner Greg Eisner to grow the fund more aggressively.
“I intend to step down as Chairman of Engineers Gate at the end of this month to focus all of my attention and energies on the businesses and philanthropic activities of my family office,” Dubin wrote to his staff.
“In a sense, after forty years, I am looking forward to transitioning from being an ‘Investment Manager’ to an ‘Investor.’”
Dubin told Reuters on Friday that his decision had nothing to do with his public ties to Epstein.
Behind the scenes, however, sources said Dubin’s fund was having trouble appeasing its investors in recent months as disappointing returns got coupled with the Epstein distractions.
“This Epstein thing has been toxic for him,” said one hedge fund manager. “I get wanting to get out while everyone else is doing the family office thing.”
The fund, which operates out of Dubin’s brand-new family office space at 55 Hudson Yards, has about $1 billion under management and turned a profit every year since its founding.
Lately, however, Engineers Gate has been looking to shift to a more aggressive strategy under Eisner. The cloud over its boss had made it difficult to attract investor interest, sources said.
“They were stuck in neutral with his name out front,” said a manager at a large quant fund.
“He can’t raise money with this Epstein thing hanging on him.”
In October, Bloomberg reported that Engineers Gate had five total investors, and at least one of them was not happy. The Canada Pension Plan Investment Board was reportedly “scrutinizing its investment” amid lackluster returns, according to the report.
Sources close to Engineers Gate disputed that reporting to The Post.
Last August, an explosive defamation suit from 2015 was unsealed in which Epstein accuser Virginia Giuffre claimed that the predator farmed her out as a 16-year-old “sex slave” to famous names like Prince Andrew and Alan Dershowitz.
Giuffre claimed that Dubin was her first powerful client in 2001. Dubin has denied the allegations against him and repeatedly stated that he has evidence to disprove Giuffre’s story.
Named after the entrance to Central Park on East 90th Street located just blocks from Dubin’s $30 million Fifth Avenue mansion, Engineers Gate is Dubin’s second act as a hedge fund titan.
He sold a majority stake in his first fund, Highbridge Capital, to JPMorgan for $1.3 billion in 2004.
Source: Read Full Article