Activist Hedge Fund Launch

J.P. Morgan’s Former CFO, and James Woolery are Starting an Activist Hedge Fund

An activist hedge fund is being launched by Douglas Braunstein, J.P. Morgan Chase & Co.’s former chief financial officer, and James Woolery, chairman-elect at law firm Cadwalader, Wickersham & Taft LLP, the pair are planning to formally launch the fund Tuesday, said people familiar with the matter.
In some ways the pair are unlikely candidates to remake themselves as activists. Such investors, which typically take stakes in companies and agitate for strategic, financial or personnel changes, have been criticized by many lawyers and bankers that advise companies. They and their corporate clients say activists can distract management and push for short-term bumps at the expense of future growth.
Messrs. Braunstein and Woolery’s fund, called Hudson Executive Capital LP, doesn’t plan on launching proxy fights or releasing shareholder letters, said one of the people.
Mr. Braunstein, 54 years old, and Mr. Woolery, 45, have about $250 million in founder capital from a group of 14 current and former CEOs, along with their own investments, the people said. The fund is expected to do outside fundraising among other more traditional investor groups such as pension funds later.
Active CEOs that are investing in the fund include Marc Casper of Thermo Fisher Scientific Inc. and Stephen Hemsley of UnitedHealth Group Inc. Other investors include Ivan Seidenberg, former CEO of Verizon Communications Inc. and William Harrison, former chairman and CEO of J.P. Morgan, they said.
Source: Wall Street Journal

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