AC Milan’s owners Elliott Management are among the top 20 hedge funds in terms of the returns they got in the calendar year of 2021, a report claims.
The US-based Elliott took control of Milan back in 2018 when Yonghong Li defaulted on the repayment of loans used to buy the club a year previously, and it immediately became apparent that the Singer-led fund were very wealthy and have injected a lot of capital into the club with the mission of eradicating debts and improving the health of the accounts.
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According to the ranking drawn up by LCH Investments and reported by the Financial Times (via Calcio e Finanza), the two hedge funds that are top of 2021 ranking are Ken Griffin’s Citadel and Sir Christopher Hohn’s TCI, with $9.5bn and $8.2bn in earnings for their investors respectively.
Overall, the top 20 funds made total earnings of $65.4bn over the past year amid the pandemic which is quite remarkable, while Elliott are in there too given they made $6bn in 2021 compared to around $5bn in 2020.
This brings the accumulative net gains close to $40bn since the date of the creation of the fund by Paul Singer in 1977, putting Elliott in the top 10 of funds for earnings since creation:
- Bridgwater: $52.2bn (founded 1975)
- Citadel: $50bn (1990)
- Soros Fund Management: $43.9bn (1973-2017)
- De Shaw: $43.7bn (1988)
- Millennium: $42.4bn (1989)
- Lone Pine: $42.2bn (1996)
- Elliott: $39.3bn (1977)
- Viking: $38bn (1999)
- TCI: $36.5bn (2004)
- Baupost: $34.7bn (1983)
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Unfortunately it has nothing to do with AC Milan.