Elliott Management's utilities lead Rosenbaum leaves firm -sources

NiSource

03/10/2022 22:27

By David French
       NEW YORK, Oct 3 (Reuters) - Jeff Rosenbaum, who led
investments in the power and utilities sectors for prominent
activist investor Elliott Management Corp, has left the firm,
people familiar with the matter said on Monday.  
    West Palm Beach, Florida-based Elliott has been a prolific
investor in regulated utilities, pushing for change at U.S.
power companies including Duke Energy Corp  DUK.N , Evergy Inc
 EVRG.N  and Sempra Energy  SRE.N .
    Rosenbaum, who was a senior portfolio manager at Elliott,
spearheaded many of those bets. His role included shaping
campaigns and helping to manage existing investments and pursue
new opportunities in the sector.
    Rosenbaum left in recent days, according to the sources, who
requested anonymity as the matter is confidential. The reason
behind Rosenbaum's exit could not be learned.
    Departures among senior managers are rare at Elliott, which
is widely feared and respected in corporate circles and likes to
keep a low profile.
    Elliott declined to comment. Reuters could not reach
Rosenbaum for comment.
    Rosenbaum joined Elliott in 2016 from York Capital
Management, having previously worked at hedge fund D.E. Shaw &
Co and private equity giant Blackstone Inc  BX.N .
    Elliott's current portfolio of power and utilities
investments will not be affected by Rosenbaum's departure, one
of the sources said, as other investment managers at the firm
will continue to oversee those companies.   
    In recent years, Elliott has pushed for greater focus on
regulated operations at U.S. utilities, which have steady cash
flow and are able to withstand economic downturns. Often, this
has involved pushing for, or supporting, moves by management to
spin off or sell unregulated platforms.
    Earlier this year, Elliott disclosed a sizable stake in
Merrillville, Indiana-based utility NiSource Inc  NI.N .
    Founded by Paul Singer, Elliott Management Corp had $55.7
billion of assets under management, as of June 30.
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Elliott dissolves stake in Duke Energy, discloses stake in
Suncor     urn:newsml:reuters.com:*:nL2N2X82OK
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 (Reporting by David French in New York; Additional Reporting by
Svea Herbst-Bayliss; Editing by Lisa Shumaker)
 ((davidj.french@thomsonreuters.com;))