This content is from: Portfolio

The Morning Brief: Christie’s Wife Reportedly Leaving Angelo Gordon

Speculation is rampant on the news that Mary Pat Christie, the wife of New Jersey Governor Chris Christie, has resigned from her job at a hedge fund. According to a published report, Christie took a leave from her position as a managing director of super-secretive Angelo, Gordon & Company, where she earns $510,000 per year. “Mrs. Christie has decided to take a hiatus from her work in the finance world to spend more time with her family and young children,” said a spokesman for the firm, according to a report. The earnings figure was contained in the 2013 tax return she filed with her husband, who receives $175,000 per year as governor.

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A long-time managing director at Citadel is leaving the Chicago hedge fund giant to run a family office for one of the executives who made his fortune from Alibaba Group Holdings. Oliver Weisberg, who spent nearly nine years with the firm founded by Kenneth Griffin, is leaving at the end of June to create a family office in Hong Kong for Alibaba vice chairman Joseph Tsai, who has an estimated net worth of $5.4 billion, according to reports. The new family office will also manage the wealth of other Alibaba founders, according to the report. Weisberg will be joined by Alexander West, who has been running Blue Pool Capital, Tsai’s current family office.

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The star head of hedge funds at the University of California has resigned from her position, according to reports. Lynda Choi will leave July 1 after managing what is now a $6 billion portfolio for a decade. According to the report, her portfolio of now roughly 30 hedge funds posted an annualized gain of 6.1 percent over the 10-year period ending December 31, 2014, citing UC figures. This exceeded its benchmark by an enormous 160 basis points. What’s more, over the most recent three-year period, she posted an annualized gain of 9.8 percent versus 3.9 percent for the benchmark. So far this year, she is beating the benchmark by 340 basis points. Choi’s departure comes shortly after chief investment officer Jagdeep Bacher took over the university’s $90 billion in assets in April 2014 and began to shake up the organization. Choi earned $514,681 in 2013.

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