Elliott Associates was founded in 1977 making it one of the oldest hedge funds under continuous management. With Elliott International they comprise Elliott Management Corporation. The man who founded the company and is the CEO is Paul Singer.
Singer was born on August 22, 1944 in New York. He earned a bachelor’s of science in psychology at the University of Rochester and a J.D. from Harvard Law School. Singer then went to work for corporate law firms in New York and also worked at the investment bank Donaldson, Lufkin & Jenrette.
Singer then started the hedge fund Elliot Associates L.P. in 1977 with $1.3 million from family members and some friends. Today Elliott Management (which oversees Elliott Associates and Elliot International) has more than $16 billion in assets under management. The principal investment strategy used by Elliot is to buy distressed debt cheaply and selling it at a profit or suing for full payment.
Singer has a gay son who married his partner in Massachusetts where gay marriage is legal. He has donated a good amount of his own money to make gay marriage legal in New York. Surprisingly while more open-minded to same sex marriage he has been active in Republican Party politics and is a major donor in fund raising activities.