Pierre Lagrange
{{Short description|Belgian hedge fund manager (born 1962)}}
Pierre Philippe Alexandre Lagrange (born 15 March 1962) is a Belgian economist, hedge fund manager, financier, and a co-founder of GLG Partners. His net worth is estimated at £500 million according to The Sunday Times.{{when|date=March 2025}}
Early life and education
Lagrange was born in March 1962 in Belgium.{{cite web|title=GLG Partners Limited|url=https://beta.companieshouse.gov.uk/company/03902880/officers|website=Companies House|accessdate=13 September 2015}} He received both BS and MS degrees in Economics (Business engineering, Ingénieur de gestion) from the Solvay Brussels School of Economics and Management.[http://www.solvay.edu/solvay-in-the-press/tag/pierre-lagrange Solvay Brussels School website: Pierre Lagrange: 'Star Belge de la City"] retrieved September 10, 2012
Career
Lagrange worked for JP Morgan and Goldman Sachs before co-founding GLG Partners in 1995 with Noam Gottesman and Jonathan Green as a division of Lehman Brothers. The name of the company is composed of the first initials of each of the founder's last names.[https://www.telegraph.co.uk/finance/newsbysector/banksandfinance/7734557/Man-Group-adds-brawn-to-GLGs-brain-with-1.6bn-takeover.html The London Telegraph: "Man Group adds brawn to GLG's brain with $1.6bn takeover" By Helia Ebrahimi] May 18, 2010 GLG became independent in 2000 and went public in 2007 listing on the New York Stock Exchange.[https://www.glgpartners.com/about_glg/our_approach GLG Partners website: Our Approach] retrieved September 10, 2012 In 2010, GLG Partners was purchased by the Man Group for US$1.6 billion. The two remaining GLG founders Noam Gottesman and Pierre Lagrange–Greene had left the company prior to the Man Group purchase–each received a $200 million shareholding in the Man Group in return for a three-year promise to stay.
In 2013, Lagrange purchased the Savile Row tailor Huntsman.Jon Holt, [http://www.thebespokegent.com/2013/06/an-interview-with-huntsman-owner-roubi.html Interview with Pierre Lagrange] {{Webarchive|url=https://web.archive.org/web/20150713121240/http://www.thebespokegent.com/2013/06/an-interview-with-huntsman-owner-roubi.html |date=13 July 2015 }}, The Bespoke Gent, 10 June 2013
Personal life
In 2009, the Sunday Times Rich List reported that his wealth declined £265 million to £195 million due to the credit crunch.{{cite news| url=http://www.thesundaytimes.co.uk/sto/public/richlist/article619007.ece | archive-url=https://web.archive.org/web/20120905143747/http://www.thesundaytimes.co.uk/sto/public/richlist/article619007.ece | url-status=dead | archive-date=September 5, 2012 |format=fee required |title=The Sunday Times Rich List | location=London | work=The Times |year=2011}} In September 2011, his wealth had rebounded to £300 million.[https://www.independent.co.uk/news/uk/home-news/tycoon-pierre-lagrange-comes-out-ndash-to-face-uks-most-expensive-divorce-payout-2349325.html The Independent: "Tycoon Pierre Lagrange comes out – to face UK's most expensive divorce payout" by Rob Hastings] September 5, 2011
In September 2011, he and his wife Catherine Anspach, with whom he has three sons, announced their divorce. The divorce settlement was estimated at more than £160 million.[https://www.telegraph.co.uk/news/uknews/8741143/Hedge-fund-boss-faces-160m-divorce-settlement-after-leaving-wife-for-male-fashion-designer.html The London Telegraph: "Hedge fund boss faces £160m divorce settlement after leaving wife for male fashion designer" By Heidi Blake] September 5, 2011 He married his husband Ebs Burnough in 2019.https://www.ft.com/content/6e3bc66c-d305-11e9-a0bd-ab8ec6435630 They live between Monaco, London, Hampshire and New York.{{Cite web|url=https://talkinggame.co.uk/pierre-lagrange/|title=Pierre Lagrange - Talking Game}} His fourth child was born in 2020.https://www.thewalpole.co.uk/news/navigating-the-crisis-pierre-lagrange-on-leading-huntsman-savile-row-through-covid-19
In November 2011, Lagrange sued the Knoedler gallery, New York, for selling him a fake Jackson Pollock painting.{{cite web|last1=Klasfeld|first1=Adam|title=Collector Calls $17 Million Pollock a Phony|url=http://www.courthousenews.com/2011/12/05/41936.htm|website=Courthouse News Service|access-date=9 February 2016|url-status=dead|archive-url=https://web.archive.org/web/20160301001300/http://www.courthousenews.com/2011/12/05/41936.htm|archive-date=1 March 2016}}
He owned the Grade II listed Woodperry House in Oxfordshire, before downsizing in 2006 to a country house in Hampshire.{{cite news|url=http://property.timesonline.co.uk/tol/life_and_style/property/buying_and_selling/article6840544.ece|title=Reversal of fortune|publisher=Sunday Times|date=2009-09-20|accessdate=2010-05-02 | location=London | first=Anna | last=Mikhailova}}{{dead link|date=September 2024|bot=medic}}{{cbignore|bot=medic}} In August 2011 he also reportedly sold a house at 17 Kensington Palace Gardens to the Russian-born billionaire Roman Abramovich, for £90 million.Lawrence Hall, [http://blog.zoopla.co.uk/2011/08/18/roman-abramovich-kensington-palace-garde/ Abramovich be eyeing a Kensington Palace Gardens home?], Zoopla, 18 August 2011
Lagrange spoke of his opposition to Brexit in a 2019 interview with the Financial Times, characterising the 2016 vote as a "red herring" compared to wider problems facing the UK.{{Cite web |last=Russell |first=Alec |date=2019-09-13 |title=Pierre Lagrange: 'What I've done is disruption with respect' |url=https://www.ft.com/content/6e3bc66c-d305-11e9-a0bd-ab8ec6435630 |url-access=subscription |access-date=2020-02-29 |website=Financial Times}}
References
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Category:Vrije Universiteit Brussel alumni