It seems even mega-rich hedge fund managers can’t resist the allure of fantasy football. Some of the industry’s biggest celebs, including Paul Tudor Jones and Fortress’ Michael Novogratz, apparently participate in an exclusive fantasy football league where the total purse is $1 million. Wonder how Fortress’ shareholders feel about that?
WSJ: The list of participants in the league, which has existed since at least 2002, includes Paul Tudor Jones, the legendary trader who helped build the hedge-fund industry; Raj Rajaratnam, the Sri Lanka native who founded Galleon Group, one of the world’s largest hedge funds; Chris James, the head of Partner Fund Management in San Francisco; Jim Pallotta, a former associate of Mr. Tudor’s who is part owner of the Boston Celtics; and Michael Novogratz, a former U.S. Army helicopter pilot who is president of Fortress Investment Group, the publicly traded firm that says it manages approximately $35 billion in assets…
Stanley Druckenmiller, the 55-year-old founder of Duquesne Capital, who recently made a bid to buy the Pittsburgh Steelers, was one of the fantasy league’s original members. When he quit the league before this season, his spot was taken by John Griffin of Blue Ridge Capital, a protégé of hedge-fund titan Julian Robertson…
Unfortunately, much like the participants funds, their fantasy league is closed to new investors. There’s even a waiting list, which we would love to see. ([email protected])
According to one league member who declined to be identified, the participants have decided not to expand beyond 10 teams, and there’s a waiting list to get in. “We’re not trying to exclude people,” the person said. “It’s just boys being boys.”
Actually, that sounds more like hedge fund managers being hedge fund managers—ones who run exclusive, closed funds. Fortunately, some of the world’s wealthiest people aren’t keeping the cash.
Participants say the winnings are donated to charity…In addition, all of the league’s participants donate to the Robin Hood Foundation, a New York-based charity founded by Mr. Jones that supports poverty-fighting organisations.
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