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HomeAll NewsMost read newsBusiness Leaders Biography
Age : 55
Public asset : 2,595,459,138 USD
Biography : Patrick Drahi is an entrepreneur and businessperson who founded Altice SA, Altice Europe NV and Alti

Hedge fund manager Alexander Klabin to invest in auction house Sotheby's

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09/23/2020 | 10:05am EDT
FILE PHOTO: A logo is pictured on Sotheby's before the resuming of live jewellery auctions in Geneva

Hedge fund manager Alexander Klabin will invest in international art auction house Sotheby's and become the executive chairman of its art financing business, the company said on Wednesday.

The company did not disclose terms of the Klabin's investment but said he will lead a management team to help Sotheby's modernize its underwriting process and improve its access to capital markets.

Klabin is the founder of hedge fund Senator Investment Group, which he left in February. He will launch his newly-formed company named Ancient in early 2021.

Sotheby's Financial Services offers financing against art collections of all types, including those of the late Duchess of Windsor, the personal collection of artist Andy Warhol and Edvard Munch's painting "The Scream".

The 275-year-old auction house was the oldest
company listed on the New York Stock Exchange before it was taken privatehttps://reut.rs/301OBWc in 2019 by Franco-Israeli cable magnate Patrick Drahi in a $3.7-billion deal.

(Reporting by Madhvi Pokhriyal in Bengaluru and Krystal Hu in New York; Editing by Arun Koyyur)

Stocks mentioned in the article
ChangeLast1st jan.
ALTICE USA, INC. -2.23% 26.995 Delayed Quote.1.10%
KLABIN S.A. 0.40% 5.08 End-of-day quote.43.10%
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