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{{Article for deletion/dated|page=Russell Abrams|timestamp=20170106231715|year=2017|month=January|day=6|substed=yes}}
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'''Russell Abrams''' is an American [[hedge fund]] manager and [[entrepreneur]] known as the founder of Russellcar, an environmentally friendly [[taxi cab]] company in [[Buenos Aires]].<ref name=":0" />
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-->'''Russell Abrams''' is an American [[hedge fund]] manager and [[entrepreneur]] known as the founder of Russellcar, an environmentally friendly [[taxi cab]] company in [[Buenos Aires]].<ref name=":0" /> He has been called the "Argentinian Taxi King."<ref name=":0" /><ref>{{Cite news|url=http://www.nexofin.com/notas/135014-russell-abrams-de-trader-bursatil-a-rey-del-taxi-en-buenos-aires-n-/|title=Russell Abrams: De trader bursátil a "rey del taxi" en Buenos Aires|language=es-LA|access-date=2017-01-09}}</ref>


== Business career ==
== Business career ==


Abrams started a career on [[Wall Street]] working at [[Goldman Sachs Asset Management]] developing quantitative models and doing research for [[Fischer Black]], co-developer of the [[Black-Scholes]] options pricing model.<ref name=":0">{{cite news|url=https://www.bloomberg.com/news/articles/2014-07-27/former-goldman-options-trader-moonlights-as-argentina-taxi-king|title=Former Goldman Options Trader Becomes Argentina Taxi King|last=Russo|first=Camila|date=28 July 2014|publisher=Bloomberg}}</ref> Abrams later become Head of Equity Derivatives and Convertible Arbitrage at [[Merrill Lynch]].
Abrams started a career on [[Wall Street]] working at [[Goldman Sachs Asset Management]] developing quantitative models and doing research for [[Fischer Black]], co-developer of the [[Black-Scholes]] options pricing model.<ref name=":0">{{cite news|url=https://www.bloomberg.com/news/articles/2014-07-27/former-goldman-options-trader-moonlights-as-argentina-taxi-king|title=Former Goldman Options Trader Becomes Argentina Taxi King|last=Russo|first=Camila|date=28 July 2014|publisher=Bloomberg}}</ref> Between 1997 and 2000, Abrams was the co-head of Equity Derivatives and Convertible Arbitrage at [[Merrill Lynch]].<ref>{{cite web|url=http://www.hedgeweek.com/2012/07/12/169677/titan-capital-group-%E2%80%93-best-relative-value-fund-manager|title=Titan Capital Group – Best Relative Value Fund Manager|date=7 December 2012|publisher=Hedgeweek}}</ref>

In 2001, Abrams became the founding partner of Titan Capital Group,<ref>{{Cite web|url=http://titancapital.net/index.asp|title=Titan Capital Group|website=titancapital.net|access-date=2017-01-07}}</ref><ref>Note Abrams mentioned as founder: http://www.bloomberg.com/research/stocks/people/person.asp?personId=113871211&capId=4526005&previousCapId=145409859&previousTitle=Titan%20Capital%20Group%2C%20LLC</ref><ref>Cited in Hedge Fund News, May 2003, Issue 37 as "focusing on trading while two other partners take care of the business side"</ref> which was one of the first volatility arbitrage funds<ref>Mentioned as one of the first: http://www.hedgeweek.com/2012/07/12/169677/titan-capital-group-%E2%80%93-best-relative-value-fund-manager</ref> and at its height managed $1 billion dollars worth<ref>See 2008 Numbers: http://www.technologyinvestor.com/?p=3644</ref> of funds in the category.<ref>Hedge Fund News, May 2003, Issue 37: What is volatility arbitrage?</ref> The funds managed by Abrams achieved notability over a period of many years, first in the Wall Street Journal's list of "The Hedge Fund 100".<ref>{{cite web|url=http://online.wsj.com/public/resources/documents/BA_HF100_090511.pdf|title=The Hedge Fund 100|publisher=The Wall Street Journal}}</ref> It received subsequent notability after being ranked as among the Top 100 funds in 2009 and 2010.<ref>Titan Global Return Fund Ranked #26 in Barron’s “The Top 100 Hedge Funds, ” May 11, 2009</ref><ref>Titan Global Return Fund Ranked #33 in Barron’s “The Top 100 Hedge Funds, ” May 24, 2010</ref> Titan's funds won many other awards over a sustained period of time including: Best Middle East Fund, Best Asian Fund(Volatility), and Best Performing Hedge Fund, from notable industry publications.<ref>Bloomberg's 2011 Best Performing Hedge Funds</ref><ref>{{cite web|url=http://www.shariahfunds.com/pubs/awards/hfwmec2009.pdf|title=Hedge Funds World Awards Middle East|date=11 March 2009|publisher=Shariah Capital}}</ref><ref>Bloomberg Best Performing Hedge Funds 2001</ref><ref>{{Cite web|url=http://www.euromoneyconferences.com/AwardsDinner/8333/AsiaHedge-Awards-2008.html|title=AsiaHedge Awards 2008 {{!}} Euromoney Conferences|website=www.euromoneyconferences.com|access-date=2017-01-11}}</ref><ref>{{cite web|url=http://www.fundsadvisory.barclays.co.jp/ja/dms/bcfs/documents/HW-Awards-12-Article/HW%20Awards%2012%20Article.pdf|title=Hedgeweek Awards 2012|last=|first=|date=March 2012|publisher=Hedgeweek|page=|access-date=|work=Hedgeweek Awards Special Report|via=Barclays}}<!--title, page needed --></ref><ref>Awards are notable due to the fact there were 9000-11000 competing funds and people at the time(the entire finance industry). For proof of the low end of those numbers http://dealbook.nytimes.com/2009/03/19/a-look-at-the-hedge-funds-that-closed/?_r=0</ref> Abrams himself received credit for his work managing the success of these funds, including Best Fund Manager.<ref>Hedge Funds World, Best Hedge Fund Manager Awards, 3.10.09</ref><ref>http://www.hedgeweek.com/2012/07/12/169677/titan-capital-group-%E2%80%93-best-relative-value-fund-manager</ref>

In November 2010, Abrams and Titan Capital Group were sued by Tradex Global Master Fund, claiming that its investment in the Class M Shares of the Titan Global Return Fund lost approximately 74% of their value in 6 months. They claimed that Abrams fraudulently misrepresented the risk strategy and expected performance of the fund.<ref name=":1">{{Cite news|url=http://www.forbes.com/sites/nathanvardi/2010/12/08/russell-abrams-hedge-fund-accused-of-fraud-amid-losses-of-70/#4c567ffd2928|title=Russell Abrams' Hedge Fund Accused of Fraud Amid Losses of 70%|last=Vardi|first=Nathan|newspaper=Forbes|access-date=2017-01-09}}</ref>

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While at Titan, Abrams made strategic [[investments]] in Argentina, which led to Abrams founding Russellcar, which is, Abrams claims,<ref>{{Cite news|url=http://www.wsj.com/articles/from-default-to-darling-argentina-bets-pay-off-for-hedge-funds-1447204491|title=From Default to Darling: Argentina Bets Pay Off for Hedge Funds|last=Chung|first=Gregory Zuckerman And Juliet|date=2015-11-11|newspaper=Wall Street Journal|issn=0099-9660|access-date=2017-01-09}}</ref> the largest tax company in the city. Abrams pledged to spend over $100 million on sustainable-only vehicles.<ref>http://www.independent.co.uk/news/business/news/trader-takes-punt-on-taxis-in-argentina-9634366.html</ref><ref>{{cite web|url=https://www.bloomberg.com/news/videos/b/a0ab58bf-5d6b-416a-9457-c990d16b1782|title=Betting $100M on Buenos Aires Taxi Medallions|publisher=Bloomberg}}</ref>

== Legal issues ==
In 2009, Abrams and his wife Sandra Abrams sued Danielle Pecile and Christina Culicea, two former Titan Capital employees, demanding the return of [[Toplessness|topless]] photos of Sandra that Abrams had taken on their honeymoon.<ref name=":1" /><ref name=":2">{{Cite web|url=https://www.law360.com/articles/514136/hedge-fund-exec-s-wife-tries-to-revive-nude-pics-row|title=Hedge Fund Exec's Wife Tries To Revive Nude Pics Row - Law360|website=www.law360.com|access-date=2017-01-09}}</ref><ref>{{Cite news|url=http://dealbreaker.com/2016/01/hedge-fund-manager-sexual-harassment/|title=Wait, Is It Considered Unprofessional To Facebook Message Your Assistant’s Boyfriend And Ask "Hey Buddy- How Do I Taste" After Having Sex With Her?|last=Levin|first=Bess|newspaper=Dealbreaker|language=en-US|access-date=2017-01-09}}</ref>


In July 2010, Pecile and Culicea sued Abrams, his brother Marc Abrams, and Titan Capital alleging sex discrimination, and claiming that Abrams "used his money and self-proclaimed power to intimidate, degrade and discriminate against women."<ref name=":1" /><ref name=":2" /><ref>{{Cite web|url=http://pagesix.com/2014/10/10/ex-hedgie-drops-out-of-political-race-amid-sex-allegations/|title=Ex-hedge fund manager quits state race amid sex allegations|last=Smith|first=Stephanie|date=2014-10-11|website=Page Six|access-date=2017-01-09}}</ref><ref>{{Cite web|url=http://nypost.com/2016/01/06/horny-hedgie-bragged-about-sex-with-receptionist-online-lawsuit/|title=My boss bragged to my boyfriend about our hot sex|last=Marsh|first=Julia|date=2016-01-07|website=New York Post|access-date=2017-01-09}}</ref> The case was dismissed by a New York court in 2011.<ref>{{Cite news|url=https://www.bloomberg.com/news/articles/2014-07-27/former-goldman-options-trader-moonlights-as-argentina-taxi-king|title=Former Goldman Options Trader Becomes Argentina Taxi King|date=2014-07-28|newspaper=Bloomberg.com|access-date=2017-01-09}}</ref>
In 2001, Abrams started Titan Capital Group.<ref name="Gross2015">{{cite book|last=Gross|first=Michael|title=House of Outrageous Fortune: Fifteen Central Park West, the World's Most Powerful Address|url=https://books.google.com/books?id=Y0DqBgAAQBAJ&pg=PA326|date=10 March 2015|publisher=Simon and Schuster|isbn=978-1-4516-6620-5|via=Google Books}}</ref>{{pn|date=January 2017}} Abrams leveraged his expertise under Fischer Black to start one of the first dedicated volatility arbitrage funds, achieving notoriety in the category over its lifetime. Titan earned numerous awards as one of the best performing [[hedge funds]] in the world with significant gains in all of its funds during the financial crisis. Its Asia Fund generated returns of over 30% in three of the five years from 2007–2011 with cumulative returns over 100% for this period.<ref>{{cite web|url=http://online.wsj.com/public/resources/documents/BA_HF100_090511.pdf|title=The Hedge Fund 100|publisher=The Wall Street Journal}}</ref><ref>{{cite web|url=http://www.hedgeweek.com/2012/07/12/169677/titan-capital-group-%E2%80%93-best-relative-value-fund-manager|title=Titan Capital Group – Best Relative Value Fund Manager|date=7 December 2012|publisher=Hedgeweek}}</ref><ref>{{cite web|url=http://www.fundsadvisory.barclays.co.jp/ja/dms/bcfs/documents/HW-Awards-12-Article/HW%20Awards%2012%20Article.pdf|title=|work=Hedgeweek Awards Special Report|publisher=Hedgeweek|date=March 2012|page=|via=Barclays}}{{full|date=January 2017}}<!--title, page needed --></ref><ref>{{cite web|url=http://www.shariahfunds.com/pubs/awards/hfwmec2009.pdf|title=Hedge Funds World Awards Middle East|date=11 March 2009|publisher=Shariah Capital}}</ref><ref>{{cite web|url=http://www.euromoneyconferences.com/AwardsDinner/8333/AsiaHedge-Awards-2008.html|title=Artradis, Brevan Howard and Dragonback lead the winners at AsiaHedge Awards|date=16 October 2008|publisher=Euromoney Conferences}}<!-- press release --></ref> Titan managed 1 billion dollars in its three funds under management and Abrams himself was recognized as a leader in volatility trading in both developed and emerging markets.<ref>''Hedge Funds World'', Best Hedge Fund Manager Awards, 3.10.09</ref>{{full|date=January 2017}}<ref>{{cite web|url=http://www.opalesque.com/638252/Hedge_funds_surf_volatility_wave_as825.html|title=Hedge funds surf volatility wave as government intervention and risk averse investors drive wild swing|last=Bischoff|first=Kirsten|date=19 August 2011|publisher=Opalesque}}</ref><ref>Abrams interviewed on the issue: Hedge Fund News, May 2003, Issue 37: Interview with Russell Abrams: Can you explain what is volatility arbitrage?</ref>


In August 2010, Abrams and his wife Sandra were evicted from their Manhattan apartment, which they had been renting for $20,000 per month.<ref name=":1" />
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While at Titan, Abrams made strategic [[investments]] in Argentina culminating in his founding of Russellcar. Mr. Abrams pledged to invest over $100 million to expand his fleet of sustainable vehicles providing modern efficient transportation, while providing full-time employment with full benefits for his union workforce.<ref>{{cite news|url=http://www.independent.co.uk/news/business/news/trader-takes-punt-on-taxis-in-argentina-9634366.html|title=Trader takes punt on taxis in Argentina|last=Chu|first=Ben|date=29 July 2014|work=The Independent}}</ref><ref>{{cite web|url=https://www.bloomberg.com/news/videos/b/a0ab58bf-5d6b-416a-9457-c990d16b1782|title=Betting $100M on Buenos Aires Taxi Medallions|publisher=Bloomberg}}</ref>


== Other work ==
== Other work ==
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== References ==
== References ==
{{reflist}}
{{reflist|2}}


{{DEFAULTSORT:Abrams, Russell}}
{{DEFAULTSORT:Abrams, Russell}}
[[Category:Year of birth missing (living people)]]
[[Category:Year of birth missing (living people)]]
[[Category:Living people]]
[[Category:Living people]]
[[Category:American hedge fund managers]]

Revision as of 01:20, 11 January 2017

Russell Abrams is an American hedge fund manager and entrepreneur known as the founder of Russellcar, an environmentally friendly taxi cab company in Buenos Aires.[1] He has been called the "Argentinian Taxi King."[1][2]

Business career

Abrams started a career on Wall Street working at Goldman Sachs Asset Management developing quantitative models and doing research for Fischer Black, co-developer of the Black-Scholes options pricing model.[1] Between 1997 and 2000, Abrams was the co-head of Equity Derivatives and Convertible Arbitrage at Merrill Lynch.[3]

In 2001, Abrams became the founding partner of Titan Capital Group,[4][5][6] which was one of the first volatility arbitrage funds[7] and at its height managed $1 billion dollars worth[8] of funds in the category.[9] The funds managed by Abrams achieved notability over a period of many years, first in the Wall Street Journal's list of "The Hedge Fund 100".[10] It received subsequent notability after being ranked as among the Top 100 funds in 2009 and 2010.[11][12] Titan's funds won many other awards over a sustained period of time including: Best Middle East Fund, Best Asian Fund(Volatility), and Best Performing Hedge Fund, from notable industry publications.[13][14][15][16][17][18] Abrams himself received credit for his work managing the success of these funds, including Best Fund Manager.[19][20]

In November 2010, Abrams and Titan Capital Group were sued by Tradex Global Master Fund, claiming that its investment in the Class M Shares of the Titan Global Return Fund lost approximately 74% of their value in 6 months. They claimed that Abrams fraudulently misrepresented the risk strategy and expected performance of the fund.[21]

While at Titan, Abrams made strategic investments in Argentina, which led to Abrams founding Russellcar, which is, Abrams claims,[22] the largest tax company in the city. Abrams pledged to spend over $100 million on sustainable-only vehicles.[23][24]

Legal issues

In 2009, Abrams and his wife Sandra Abrams sued Danielle Pecile and Christina Culicea, two former Titan Capital employees, demanding the return of topless photos of Sandra that Abrams had taken on their honeymoon.[21][25][26]

In July 2010, Pecile and Culicea sued Abrams, his brother Marc Abrams, and Titan Capital alleging sex discrimination, and claiming that Abrams "used his money and self-proclaimed power to intimidate, degrade and discriminate against women."[21][25][27][28] The case was dismissed by a New York court in 2011.[29]

In August 2010, Abrams and his wife Sandra were evicted from their Manhattan apartment, which they had been renting for $20,000 per month.[21]

Other work

Abrams was a founder of the New York Public Library Young Lions Committee.[30]

References

  1. ^ a b c Russo, Camila (28 July 2014). "Former Goldman Options Trader Becomes Argentina Taxi King". Bloomberg.
  2. ^ "Russell Abrams: De trader bursátil a "rey del taxi" en Buenos Aires" (in Spanish). Retrieved 2017-01-09.
  3. ^ "Titan Capital Group – Best Relative Value Fund Manager". Hedgeweek. 7 December 2012.
  4. ^ "Titan Capital Group". titancapital.net. Retrieved 2017-01-07.
  5. ^ Note Abrams mentioned as founder: http://www.bloomberg.com/research/stocks/people/person.asp?personId=113871211&capId=4526005&previousCapId=145409859&previousTitle=Titan%20Capital%20Group%2C%20LLC
  6. ^ Cited in Hedge Fund News, May 2003, Issue 37 as "focusing on trading while two other partners take care of the business side"
  7. ^ Mentioned as one of the first: http://www.hedgeweek.com/2012/07/12/169677/titan-capital-group-%E2%80%93-best-relative-value-fund-manager
  8. ^ See 2008 Numbers: http://www.technologyinvestor.com/?p=3644
  9. ^ Hedge Fund News, May 2003, Issue 37: What is volatility arbitrage?
  10. ^ "The Hedge Fund 100" (PDF). The Wall Street Journal.
  11. ^ Titan Global Return Fund Ranked #26 in Barron’s “The Top 100 Hedge Funds, ” May 11, 2009
  12. ^ Titan Global Return Fund Ranked #33 in Barron’s “The Top 100 Hedge Funds, ” May 24, 2010
  13. ^ Bloomberg's 2011 Best Performing Hedge Funds
  14. ^ "Hedge Funds World Awards Middle East" (PDF). Shariah Capital. 11 March 2009.
  15. ^ Bloomberg Best Performing Hedge Funds 2001
  16. ^ "AsiaHedge Awards 2008 | Euromoney Conferences". www.euromoneyconferences.com. Retrieved 2017-01-11.
  17. ^ "Hedgeweek Awards 2012" (PDF). Hedgeweek Awards Special Report. Hedgeweek. March 2012 – via Barclays.
  18. ^ Awards are notable due to the fact there were 9000-11000 competing funds and people at the time(the entire finance industry). For proof of the low end of those numbers http://dealbook.nytimes.com/2009/03/19/a-look-at-the-hedge-funds-that-closed/?_r=0
  19. ^ Hedge Funds World, Best Hedge Fund Manager Awards, 3.10.09
  20. ^ http://www.hedgeweek.com/2012/07/12/169677/titan-capital-group-%E2%80%93-best-relative-value-fund-manager
  21. ^ a b c d Vardi, Nathan. "Russell Abrams' Hedge Fund Accused of Fraud Amid Losses of 70%". Forbes. Retrieved 2017-01-09.
  22. ^ Chung, Gregory Zuckerman And Juliet (2015-11-11). "From Default to Darling: Argentina Bets Pay Off for Hedge Funds". Wall Street Journal. ISSN 0099-9660. Retrieved 2017-01-09.
  23. ^ http://www.independent.co.uk/news/business/news/trader-takes-punt-on-taxis-in-argentina-9634366.html
  24. ^ "Betting $100M on Buenos Aires Taxi Medallions". Bloomberg.
  25. ^ a b "Hedge Fund Exec's Wife Tries To Revive Nude Pics Row - Law360". www.law360.com. Retrieved 2017-01-09.
  26. ^ Levin, Bess. "Wait, Is It Considered Unprofessional To Facebook Message Your Assistant's Boyfriend And Ask "Hey Buddy- How Do I Taste" After Having Sex With Her?". Dealbreaker. Retrieved 2017-01-09.
  27. ^ Smith, Stephanie (2014-10-11). "Ex-hedge fund manager quits state race amid sex allegations". Page Six. Retrieved 2017-01-09.
  28. ^ Marsh, Julia (2016-01-07). "My boss bragged to my boyfriend about our hot sex". New York Post. Retrieved 2017-01-09.
  29. ^ "Former Goldman Options Trader Becomes Argentina Taxi King". Bloomberg.com. 2014-07-28. Retrieved 2017-01-09.
  30. ^ "Young Lions Fiction Award". New York Public Library.
source: https://en.wikipedia.org/w/index.php?title=Russell_Abrams&diff=759417767&oldid=758687210

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