By David French
NEW YORK (Reuters) – Jeff Rosenbaum, who led investments within the energy and utilities sectors for distinguished activist investor Elliott Administration Corp, has left the agency, individuals acquainted with the matter stated on Monday.
West Palm Seaside, Florida-based Elliott has been a prolific investor in regulated utilities, pushing for change at U.S. energy firms together with Duke Power Corp (NYSE:), Evergy (NYSE:) Inc and Sempra Power (NYSE:).
Rosenbaum, who was a senior portfolio supervisor at Elliott, spearheaded a lot of these bets. His position included shaping campaigns and serving to to handle current investments and pursue new alternatives within the sector.
Rosenbaum left in latest days, in keeping with the sources, who requested anonymity because the matter is confidential. The explanation behind Rosenbaum’s exit couldn’t be discovered.
Departures amongst senior managers are uncommon at Elliott, which is broadly feared and revered in company circles and likes to maintain a low profile.
Elliott declined to remark. Reuters couldn’t attain Rosenbaum for remark.
Rosenbaum joined Elliott in 2016 from York Capital Administration, having beforehand labored at hedge fund D.E. Shaw & Co and personal fairness big Blackstone (NYSE:) Inc.
Elliott’s present portfolio of energy and utilities investments won’t be affected by Rosenbaum’s departure, one of many sources stated, as different funding managers on the agency will proceed to supervise these firms.
In recent times, Elliott has pushed for higher deal with regulated operations at U.S. utilities, which have regular money move and are in a position to face up to financial downturns. Usually, this has concerned pushing for, or supporting, strikes by administration to spin off or promote unregulated platforms.
Earlier this yr, Elliott disclosed a large stake in Merrillville, Indiana-based utility NiSource Inc (NYSE:).
Based by Paul Singer, Elliott Administration Corp had $55.7 billion of property beneath administration, as of June 30.