米特?羅姆尼的對(duì)沖基金從業(yè)史
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????一位參與決策的消息人士這樣解釋給我聽：“理念是信息優(yōu)勢(shì)（當(dāng)然都是合法的信息）能幫助各項(xiàng)業(yè)務(wù)相比獨(dú)自經(jīng)營(yíng)有更好的表現(xiàn)。”比如，貝恩的私募股權(quán)業(yè)務(wù)或許能發(fā)現(xiàn)潛在的市場(chǎng)錯(cuò)位，上市股票投資團(tuán)隊(duì)就可以藉此進(jìn)行做空或做多（不清楚這一理論付諸實(shí)踐的機(jī)會(huì)有多少，如果曾經(jīng)付諸實(shí)踐的話）。 ????反過(guò)來(lái)，Brookside也可以為企業(yè)內(nèi)部提供上市股票研究，要不然貝恩還要想辦法獲得第三方分析師的報(bào)告。顯然，對(duì)于像尚未敲定的私有化交易、其他上市公司的非公開信息等等，需要設(shè)立龐大的法律防火墻進(jìn)行隔離，但貝恩資本在公司內(nèi)部設(shè)立Brookside時(shí)看中的就是協(xié)同效應(yīng)。 ????Brookside也幫助貝恩資本進(jìn)一步機(jī)構(gòu)化——形成了創(chuàng)建關(guān)聯(lián)公司的一套方法，后來(lái)又有了Sankaty Advisors（信貸業(yè)務(wù)）和Absolute Return Capital（絕對(duì)回報(bào)業(yè)務(wù)）。如今，貝恩資本管理著超過(guò)70億美元資產(chǎn)。 ????羅姆尼本可能成為Brookside的唯一所有人，但1999年2月他離開了貝恩資本，開始打理鹽湖城奧運(yùn)會(huì)。不過(guò)，最新的羅姆尼個(gè)人財(cái)產(chǎn)信息顯示，他在Brookside基金中仍擁有幾百萬(wàn)美元。 ????這些都不是什么大秘密。貝恩資本的網(wǎng)站上就提到了Brookside，雖然需要有客戶密碼才能真正進(jìn)入Brookside網(wǎng)頁(yè)。但這是這場(chǎng)大選以來(lái)雙方很大程度上一直（至少迄今為止）忽略的問題之一。 ????如果羅姆尼一旦出任總統(tǒng)，他可能會(huì)任命監(jiān)管對(duì)沖基金的官員，負(fù)責(zé)簽署或否決與對(duì)沖基金相關(guān)的法律法規(guī)等等。所以，不妨考慮一下，他曾經(jīng)擁有一支對(duì)沖基金。 ????譯者：早稻米 |
????A source involved in the decision-making explains in to me thusly: "The concept that there were informational advantages, all of course legal, that would help each of the businesses to perform better than they would as a standalone." For example, Bain's private equity group might identify potential market dislocations that the public equities team could trade against either short or long (it's unclear how often, if ever, that theory was put into practice). ????Conversely, Brookside could provide in-house public equities research that Bain otherwise would need to get from third-party analysts. There obviously were large legal firewalls when it came to things like pending take-private transactions or other non-public information for listed companies, but the justification for launching Brookside inside of Bain was synergistic in nature. ????Brookside also helped further institutionalize Bain Capital – establishing a method for creating affiliates that later would include Sankaty Advisors (credit) and Absolute Return Capital (absolute returns). Today the group manages over $7 billion in assets. ????Romney would be Brookside's sole owner until leaving Bain in February 1999 to run the Salt Lake City Olympic Games, although he still had millions of dollars tied up in Brookside funds as of his most recent financial disclosures. ????None of this is some huge secret. Brookside is mentioned on Bain Capital's website, although you need a client password to actually enter the Brookside section. But it's one of those things that has been largely ignored by both sides on the campaign trail, at least so far. ????Considering that a President Romney would be asked to appoint regulators who oversee hedge funds, or to sign/veto new hedge fund-related regulations, it's worth remembering that he used to own one. |
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