Mastermind Hedge Fund Trader DiscussesHis Critically Acclaimed Spy Thriller“Undermoney” and Russia Sovereign Debt with White Oak’sCEO Andre Hakkak
On Tuesday, April 26, Coral Gables Trust Company, White Oak Global Advisors, and Unity Jets hosted a special discussion with sovereign debt expert and critically acclaimed author, Jay Newman, about his breakout spy thriller “Undermoney.”The book talk took place inside Coconut Grove’s most anticipated new restaurant, Amal.
Considered the mastermind behind one of the greatest and largest hedge fund trades in history, Newman spent 40 years in international finance with a primary focus on managing investments in sovereign debt, including the distressed sovereign debt of Latin American, Eastern European, African, and Asian countries. He is viewed as“the mastermind”behind an historic 15-year fight to recover billions of dollars in defaulted debt from the government of Argentina for Paul Singer’s Elliot Management. That campaign, which included the court-approved seizure of an Argentinian Navy ship in Ghana with 200 people aboard in 2012, reached a successful conclusion in 2016. The Wall Street Journal reported that the settlement was worth $2.4 billion, a gain of roughly 10 to 15 times the original investment. The New York Times reported that the return was “392 percent on the original value of the bonds.” The Financial Timessaid the settlement “is seen as one of the greatest hedge fund trades” in history.
Published by Scribner Books, Newman’s debut novel focuses on dark money and global politics. “Undermoney” is the first of three books in a series that Newman is developing. “Undermoney” has been described by author Nelson DeMille as “a groundbreaking, unconventional, and wildly entertaining peek behind the curtain of American politics, financial skullduggery, and high-stakes global conflict.” Author Lee Child called the book “essential reading – makes your heart beat faster, like a thriller should, but also teaches you something big, which most thrillers don’t.”
Following the discussion, Andre Hakkak, CEO and Co-Founder of White Oak Global Advisors, joinedNewman to exchange views on the implications of the war against Ukraine on Russia’s sovereign debt and country credit risks.
“We are delighted to welcome Jay Newman to Miami to speak about his career on Wall Street, and give our clients a preview of Amal Restaurant,”said Chairman and CEO of Coral Gables Trust Company, James W. Davidson.“We continue to strive to bring dynamic speakers to our clients and friends, and engage in thought provoking dialogue and exchanges.”
Amal, located at 3480 Main Highway in Coconut Grove, isanew modern, Lebanese restaurant by Canada’s leading lifestyle and entertainment company, INK Entertainment, that issoon to open to the public later this month.
Coral Gables Trust Company is the largest independent and privately held trust company headquartered in Florida, with over $2 billion in Assets Under Management (AUM), and a leading provider of Wealth Management, Trust and Financial Planning services throughout the State. The Firm’s latest milestone stems from a record year when AUM rose from client portfolio gains and the South Florida-based institution benefitted from a wave of new customers from the communities where they operate, as well as new residents from California and New York who domiciled to the region and sought to grow and preserve their portfolios with the highly respected wealth management firm.
Founded in 2004, by industry veterans, James W. Davidson and Dean Klevan, whose careers and reputations were honed at some of the most revered names in investment banking, Goldman Sachs and Morgan Stanley, Coral Gables Trust was established to provide transparent, high-level wealth management and fiduciary services to local affluent high-net-worth individuals, families, charities, and small to medium-sized companies. The Firm has forged a reputation as the gold standard in trust and wealth management services – growing from a startup with a headquarters office in Coral Gables, to the leading independent, privately-owned trust company in South Florida with 35professionals in three additional offices in Fort Lauderdale, Boca Raton and West Palm Beach.
About Coral Gables Trust Company
Coral Gables Trust Company (CGTC) is the largest independent and privately held trust company headquartered in South Florida with more than $2 billion of assets under management, and a leading provider of Wealth Management, Trust and Financial Planning services throughout the State. Founded in 2004, CGTC serves clients which may have investable assets below the minimum required by most of the larger national institutions – inclusive of affluent individuals and families, small to medium sized companies, foundations, and pension and endowment funds. Devoted toward putting our clients’ interest first, CGTC provides conflict-free services, personalized advice, open-architecture (no proprietary products), and asset based fees.