One of the top executives at the London office of feared American activist hedge fund Elliott is preparing to start his own company.
Mark Levin, who left Elliott two years ago, will form Sargasso Partners, a London-based family office, to manage his personal assets and those of other family members.
The startup has not yet started investing, but Levine, 47, has no intention of pursuing the type of activist strategy he was known for during his 23-year career at Elliott. Even so, it would put him in the spotlight again.
Paul Singer founded Elliott Advisors in 1977.
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Founded in 1977 by attorney Paul Singer, Elliott is one of the world’s most active activist investors, increasing stakes in companies and agitating for change. Its campaigns include encouraging companies to break up or sell themselves, and it is adept at using the courts to further its objectives.
Gained international fame by pursuing Argentina for 15 years over its debt default, ultimately securing $2.4 billion, and is now one of the world’s largest activist funds, with approximately $70 billion in assets. It manages significant assets and employs 570 staff worldwide. The success of the business made Mr. Singer, now 80, a millionaire and enriched other senior employees as well.
The firm opened an office in London in 1994, and Mr Levine, an American who joined Elliott in 1999, became one of the firm’s top fund managers in the UK. During his career, he oversaw campaigns against British companies including bus and rail operator National Express, investment giant Alliance Trust and FTSE 100 pharmaceutical company GSK.
While at Elliott, he became close with Gordon Singer, the son of the fund’s founder, who has been running the London office since 2009.
Mr. Levine is one of the top London-based employees who left the company in recent years. Others include James Bayliss, who was Elliott’s head trader in the UK and left the company last year. Mark Wills retired in 2022 and founded the hedge fund Sys Capital Partners. and Frank Tuyle, who founded Sparta Capital Management in 2021.
Mr. Levin declined to comment.
