Appaloosa Management
| Limited Partnership | |
| Industry | Investment Management |
| Founded | 1993 |
| Headquarters | Short Hills, New Jersey, U.S. |
|
Area served
|
Worldwide |
|
Key people
|
David Tepper, Founder and President Michael L. Palmer, Chief Financial Officer Jeffrey L. Kaplan, Chief Operating Officer |
| AUM | 14 Billion |
| Website | http://amlp.com |
Appaloosa Management is an American hedge fund founded in 1993 by David Tepper and Jack Walton specializing in distressed debt. Appaloosa Management invests in public equity and fixed income markets around the world.
In 1993, David Tepper and Jack Walton founded Appaloosa Management, an employee-owned hedge fund, in Chatham, New Jersey. Throughout the 1990s, the firm was known as a junk bond investment boutique, and through the 2000s it was known as a hedge fund.
In the fourth quarter of 2002, Appaloosa Management returns were heavily a result of junk-bond and distressed debt bets in Conseco and Marconi Corp. that the market was bottoming out.
Assets under management in 2007 were $5.3 billion. The Financial Times reports the company has "attracted interest for its large ownership position in Delphi, the bankrupt car parts supplier, and its clashes on whether management has the shareholders best interests in mind or those of GM and the UAW."
Appaloosa survived the financial crisis of 2008 with relatively few investor redemption orders.
From 2009 to 2010, Appaloosa Management's assets under management grew from $5 billion to $12 billion.
In November 2010, the New York Times reported total assets under management of $14 billion. In 2010, it was reported that since 1993 Appaloosa Management had returned $12.4 billion to clients—ranking it sixth on a ranking of total returns to clients by managers since inception.
In September 2011, a Delaware bankruptcy court found that Appaloosa Management is one of four hedge funds that had played a role in Washington Mutual’s restructuring which might have received confidential information that could have been used to trade improperly in the bank’s debt. In 2011, the company was awarded the Institutional Hedge Fund Firm of the Year award.
...
Wikipedia