Patrick Degorce

Patrick Degorce (born 1969) is a French hedge fund manager, and the founder and chief executive officer (CEO) of Theleme Partners LLP.

Patrick Degorce
Born1969 (age 53–54)
NationalityFrench
OccupationHedge fund manager
Known forFounder and CEO, Theleme Partners LLP

Early life

Degorce has French nationality, and Swiss residence.[1]

Career

Degorce was an officer in the French Navy in his 20s, before switching to a career in financial services.[2][3]

He worked for Merrill Lynch Investment Managers for seven years, rising to fund manager.[3][4]

In 2003, Degorce was a co-founder, along with Chris Hohn, of The Children's Investment Fund Management (TCIF) hedge fund.[5]

In 2007, Degorce wrote to the Dutch bank ABN AMRO calling for its break up, citing its unsuccessful cost-cutting plans.[3] The letter and subsequent press attention ultimately led to its purchase by a consortium led by Royal Bank of Scotland, in what was at the time the world's largest bank takeover at US$98.3 billion.[3][6]

In 2009, Degorce founded Theleme Partners LLP, a hedge fund based at 15 Davies Street, Mayfair, London, and is its CEO and CIO.[7] Theleme is based in the same premises as hedge fund powerhouse Lansdowne Partners, with whom they share some back office functions.[3]

Degorce was British Prime Minister Rishi Sunak's boss at the Children's Investment Fund Management and Theleme Partners.[5][8]

In 2011, Degorce was one of the earliest investors in the pharmaceutical company Moderna (when they only had about ten employees), in the hope that they could help find a cure for his "high school sweetheart" wife, who had Stage IV lung cancer.[9]

In October 2017, following hearings at lower courts, three judges at the Court of Appeal ruled in favour of HMRC in respect of a film financing tax avoidance scheme dating back to 2006–07, and Degorce was liable to pay tax of £7.5 million.[10]

As of November 2017, Theleme Partners managed funds totalling US$2.8 billion.[11]

References
  1. "Patrick DEGORCE". Companies House. Retrieved 6 August 2022.
  2. "Patrick Degorce". Institutional Investor. 14 June 2010. Retrieved 6 August 2022.
  3. "Hedgie Degorce calls up old friends to set up a fund at Lansdowne's offices". City AM. 12 July 2009. Retrieved 6 August 2022.
  4. Fletcher, Laurence (9 January 2009). "TCI founder, partner Degorce leaves hedge firm". Reuters. Retrieved 6 August 2022.
  5. Partington, Richard (14 February 2020). "New chancellor Rishi Sunak challenged over hedge fund past". The Guardian. Retrieved 6 August 2022.
  6. Sebastiano, Craig (30 July 2007). "ABN Boards Drop Support for Barclays Bid". Benefits Canada. Retrieved 28 August 2022.
  7. "Patrick Degorce Chief Executive Officer, Theleme Partners LLP". Bloomberg LP. Retrieved 6 August 2022.
  8. Peston, Robert (17 February 2020). "Robert Peston on 'Boris Johnson's hedge-fund government'". ITV. Retrieved 6 August 2022.
  9. Chung, Juliet (2 October 2020). "The Millionaire Who Gave Moderna a Shot". The Wall Street Journal. Retrieved 6 August 2022.
  10. Kinder, Tabby (12 October 2017). "Hedge fund manager loses multi-million pound tax battle". Financial News. Retrieved 6 August 2022.
  11. Lovell, Hamlin (November 2017). "Tomorrow's Titans 2010–2016: Revisited". The Hedge Fund Journal. Retrieved 6 August 2022.
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