Nancy Zimmerman (born 1963/64) is an American hedge fund manager. She is the co-founder of Bracebridge Capital, a Boston-based hedge fund with over $12 billion of assets under management as of June 2019. The fund manages investments for foundations, pensions, high net worth individuals and endowments, including those of Yale University and Princeton University. She gained media attention in 1997 for her involvement in the Harvard Institute for International Development's Russian aide controversy and in the 2010s for her firm’s role in Argentina’s debt restructuring.[2][3] As of 2019, she is the wealthiest female hedge fund founder in the U.S.[4]
Nancy G. Zimmerman | |
|---|---|
| Born | 1963 or 1964 (age 60–61)[1] Skokie, Illinois, U.S. |
| Alma mater | Brown University |
| Occupation | Hedge fund manager |
| Spouse | Andrei Shleifer |
Early life
editNancy Zimmerman was born and raised in Skokie, Illinois, the youngest of two girls.[5] She graduated from Brown University[6] in 1985.[1][7]
Career
editWhile attending Brown University, Zimmerman spent her summers working for O’Connor & Associates at the Chicago Mercantile Exchange. After graduation she spent three years with the firm, trading currency options.[5] She later managed the interest rate option group for Goldman Sachs.[4] At Goldman, her boss was Jon Corzine, who later became the Governor of New Jersey.[5]
Bracebridge Capital
editZimmerman co-founded Bracebridge Capital[6] with Gabriel Sunshine in 1994 with $50 million in seed investment from Farallon Capital and Yale’s investment office.[8] The fund also manages investments for Princeton University.[5] As of June 2019, it had over $12 billion of assets under management.[4]
In 2016, Bracebridge and a group of hedge funds successfully contested the debt obligations of Argentina in a New York court of law.[9] Under the deal negotiated, the hedge funds received about 75% of their judgements with Bracebridge receiving 952% gains, or $1.1 billion on an investment of $120 million.[3]
Russian investments and settlement
editZimmerman's investments in Russia made national headlines in 1997 when USAID ended a $14 million grant to the Harvard Institute for International Development, headed by Zimmerman's husband, after he was accused of using the institute to help Zimmerman with her investments.[10] As part of a settlement, Zimmerman subsequently paid $1.5 million to the US government through one of her companies, Farallon Fixed Income Associates.[2] Neither Zimmerman nor her husband admitted wrongdoing.[5]
Personal life
editZimmerman is married to Andrei Shleifer, a professor of economics at Harvard University.[5] She is Jewish.[11] As of June 2019, she was worth an estimated $740 million and ranked #32 on Forbes 2019 America’s Self-Made Women List.[1]
Zimmerman serves on the board of trustees of her alma mater, Brown University, a position she previously held from 2010 to 2016. She also serves as the Chair of the Carney Institute for Brain Science Advisory Council and is a member of the board of directors of Social Finance. Previously she served on the scholar selection committee of the Institute of International Education’s Scholar Rescue Fund.[12]
References
edit- ^ a b c "2019 America's Self-Made Women: #32 Nancy Zimmerman". Forbes. Retrieved March 3, 2019.
- ^ a b "Harvard Agrees to Settlement in Complaint Over Investments". The New York Times. August 4, 2005. Retrieved February 26, 2020.
- ^ a b Julie Wernau, "Elliott Management, Other Funds Get Big Rewards on Argentina Bonds," The Wall Street Journal, March 2, 2016.
- ^ a b c "#32 Nancy Zimmerman". Forbes. 3 June 2019. Retrieved 26 February 2020.
- ^ a b c d e f Moroney, Tom; Willmer, Sabrina (February 4, 2016). "The Secretive Hedge Fund That's Generating Huge Profits for Yale". Bloomberg. Retrieved February 17, 2020.
- ^ a b "Nancy Zimmerman". Forbes. Retrieved 2018-02-08.
- ^ Kidwell, Sarah. "Brown Corporation Elects Three New Fellows and Six New Trustees". News from Brown. Brown University. Retrieved March 12, 2017.
- ^ Finnegan Schick, "Endowment thrives off little-known hedge fund," Yale Daily News, February 8, 2016.
- ^ "Argentine Congress approves deal to end debt standoff in US," Associated Press, March 30, 2016
- ^ Myers, Steven Lee (May 22, 1997). "Harvard Loses A.I.D. Grant For Russians". The New York Times. Retrieved March 12, 2017.
In a letter on Tuesday notifying Harvard of the suspension, A.I.D. said its inspector in Moscow had documentary evidence and statements that the two men had used the resources and staff of the program in Moscow to help Mr. Shleifer's wife, Nancy Zimmerman, make significant investments in Russia.
- ^ "Harvard Chabad Women's Circle". Harvard Chabad. Retrieved March 11, 2017.
- ^ "Nancy G. Zimmerman". Brown University. Retrieved 3 March 2020.