Investment

Sergey Brin's Family Office Names Marie Young as Investment Head – BNN

Published

3 years ago

January 28, 2022

(Bloomberg) — Bayshore Global, the family office for Google co-founder Sergey Brin, made Marie Young chief investment officer, elevating the former Goldman Sachs Group Inc. analyst to a position helping oversee the fortune of one of the world’s most influential billionaires.

Young, 35, joined the Silicon Valley firm about a decade ago from Goldman Sachs and served as deputy CIO for the prior two years, according to her LinkedIn profile. Young and a Bayshore representative didn’t respond to requests for comment.

Brin, 48, has a net worth of $111.1 billion, according to the Bloomberg Billionaires Index, primarily thanks to his 6% stake in Alphabet Inc. worth about $97 billion. For years, he held onto the stock, but sold more than $500 million last year, the most since 2016.

Bayshore helps manage the fortune of the world’s seventh richest person from Los Altos, California. It doesn’t have a website and few details have emerged about its investments.

Read more: How New Wealth, Few Rules Fuel Family Office Boom: QuickTake

Started in 2005, the office is named after a section of Mountain View, California, where Google is headquartered.

Over the years, it has employed a Navy Seal for security, a yacht captain, an archivist and an estate manager. Alongside looking after the lifestyle of Brin and his family, Bayshore also invests in equities, commercial real estate and private equity, according to LinkedIn profiles of employees, who often say they work for an unnamed private family office.

Read more: Inside a Billionaire’s Family Office: Navy Seals, Yacht Captains

One of its early hires was Rob Fetherstonhaugh, a long-time adviser to wealthy families who oversaw investments and helped set up the Brin Wojcicki Foundation. Brin and Anne Wojcicki divorced in 2015, and he’s since married Nicole Shanahan. Fetherstonhaugh has moved on to help run Belvoir Investments Corp. for Canada’s Desmarais family.

Bayshore opened an outpost in Singapore in late 2020, with Young listed as the director. In December, it added Hemant Mandal to make climate-change investments such as renewables and transition technologies, his LinkedIn profile shows. Mandal, who previously worked for the International Finance Corp., didn’t return messages for comment.

George Pavlov, a former venture capital executive, is the current chief executive officer overseeing Bayshore, including its philanthropy. At the 2019 Milken Institute Global Conference, he indicated some of its priorities, such as neurodegenerative diseases and criminal justice reform.

Part of our role is to “take more risk than government is willing to take and invest in things earlier than most people would be, knowing that there’s a strong probability you’re going to lose your money,” he said during a panel discussion.

The Sergey Brin Family Foundation had more than $2.5 billion in assets at the end of 2019, with a big portion of that Alphabet stock, according to filings. It also invested in hedge funds and private equity.

While family offices have long been used by dynastic clans in Europe and North America, Bayshore took shape as a wave of vast new fortunes sprung up from Silicon Valley, Wall Street and China.

There are now thousands in operation, ranging from those employing just a handful of people to highly sophisticated operations.

Mousse Partners, which oversees the fortune behind Chanel, has invested in venture funds and private equity. Blue Pool Capital, oversees money for the Alibaba Group Holding Ltd.’s founders and recently paid $188 million for a New York penthouse, while Soros Fund Management oversees $28 billion in net assets.

“Family offices have surged in number over the past two decades alongside the rise in ultra-high net worth individuals,” said Rebecca Gooch, senior director of research at Campden Wealth in London. “As the wealth management vehicle of choice for the affluent, family offices have rose to prominence due to their proven ability to preserve and grow wealth for current and future generations.”

(Adds family office details in penultimate paragraph)

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Economy

S&P/TSX composite down more than 200 points, U.S. stock markets also fall

Published

1 week ago

September 6, 2024

Anne Joseph

TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.

The S&P/TSX composite index was down 239.24 points at 22,749.04.

In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.

The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.

The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.

The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.

This report by The Canadian Press was first published Sept. 6, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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Economy

S&P/TSX composite up more than 150 points, U.S. stock markets also higher

Published

3 weeks ago

August 29, 2024

Anne Joseph

TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.

The S&P/TSX composite index was up 171.41 points at 23,298.39.

In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.

The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.

The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.

The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.

This report by The Canadian Press was first published Aug. 29, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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Investment

Crypto Market Bloodbath Amid Broader Economic Concerns

Published

1 month ago

August 5, 2024

Harry Miller

The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.

The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.

Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.

The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.

Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.

Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.

Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.

Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.

The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.