Curtis Gia Macnguyen of Ivory Investment Management, LP
December 2008 – Yahoo shareholder Ivory Investment Management has called on the board to re-open talks with Microsoft to buy Yahoo’s search business. Ivory made the call in an open letter to the Yahoo board as 1,500 Yahoo employees received redundancy notices as part of the company’s cost savings plan. Ivory managing partner Curtis Macnguyen said in the open letter that a deal with Microsoft could more than double Yahoo’s value.
December 2008 – Shortly after the Sept. 11 terrorist attacks, Curtis Macnguyen decided it was time for a change. The hedge fund manager, who in 1998 left a $600 million fund to start his own firm in Manhattan, had grown tired of the constant stress of Wall Street. So he took a bold step: Macnguyen packed up his fund and headed 3,000 miles west to Los Angeles.
A September 2008 article announces that Christopher Fox and Curtis Macnguyen have amicably resolved the litigation that was pending between Mr. Fox and Mr. Macnguyen, Ivory Capital Group LLC, Ivory Investment Management L.P. and IIM GP LLC in the United States District Court for the Southern District of New York in the actions styled Fox v. Macnguyen.
A February 2008 article announces that as of January 30, 2008 Ivory Investment Management LP’s, and Curtis G. Macnguyen’s on Praktiker Bauund Heimwerkermärkte Holding AG have fallen below 3% & 5% respectively.
A December 2007 article reveals that Christopher Winkler co-founded Ivory Investment Management, L.P. where he has continually served as a firm Principal and most recently serves as its head of the Idea Generation/Risk Management Group.
A July 2007 article reveals that Mr. Macnguyen started his fund, Ivory Flagship Strategy (assets: $2.9 billion), in 1998. Since then, he says, it has returned a compound annual 14% after fees, versus 3% for the S&P 500. He says Ivory has lost only 2.6% in its worst month (September 2001), versus –14.6% for the broad market.
A May 2007 article announces that ivory Investment Management LP has hired Joseph DiMartino as Senior Advisor. “We are very pleased to welcome Joe to the Ivory team,” said Curtis Macnguyen, Ivory’s founder and head portfolio manager. “Joe brings a wealth of strategic and operational expertise to the firm.”
An April 2007 article details a recent scandal at Ivory Investment Management; an affiliate of Greenwich, CT based FrontPoint Partners LLC. Apparently, Curtis Macnguyen, Ivory’s founder, hired Christopher Fox with the intention of making him a 50-50 partner, and Fox was put in charge of setting up Ivory’s New York office. Later, Macnguyen became interested in disengaging Ivory from FrontPoint, and as he went about doing so, Macnguyen allegedly began interfering with Mr. Fox’s investments, and later liquidated most of Fox’s positions. Finally, when September 2006 profit estimates indicated that Fox would receive $13 million in compensation, Macnguyen allegedly demanded Fox take a 50% cut in his partnership interest and threatened to raise Ivory’s expenses in order to reduce profits available to Fox. Later in September Fox was fired and court records show he filed suit in November of 2006, see litigation above for more details.
2007 Alpha article entitled Match Play
A February 2007 article announces that Ivory Investment Management LP crossed the threshold of 3% of the voting rights in Praktiker Bau-und Heimerkermarkte Holding AG, a German company.
A December 2006 article writes, “Curtis Macnguyen, founder of Ivory Investment Management, has produced earnings in a remarkably steady fashion.”
According to their website Ivory Investment Management, L.P. is a research intensive, fundamental value based investment firm founded by Curtis Macnguyen in November 1998. Headquartered in Los Angeles, Ivory currently manages two distinct long/short investment strategies. Ivory is an SEC registered investment advisor.
A November 2006 article reveals that Hedge fund founder Curtis Macnguyen placed his firm Ivory Investment Management behind this cause and the Epilepsy Foundation of Los Angeles, raising $1.2 million over the past two years.
A Management profile from Ivory Investment Management’s website lists Curtis G. Macnguyen as Founder, Principal, and Head Portfolio Manager. The article also reveals that he was employed by Gleacher & Co. as a senior financial analyst, and was an investment analyst at Siegler, Collery, & Co., which he eventually left in order to start his own value-oriented fund, CM Advisors Inc.
An August 2005 article announces that Christopher Fox will join Ivory Capital Group on January 1, 2006. He and Ivory founder Curtis Macnguyen will assume the newly created title of managing partner. Fox will be based in New York City.
An Internet profile lists Curtis Macnguyen as a member of the board of directors at DiCentral Corporation.
In August of 2001 UBS filed with the SEC to launch a closed-end fund, which would result in some of the initial allocations being made to Ivory Investment Management among others.
A media article reveals that after two years as a partner at New York investment firm Siegler, Collery & Co., Curtis Macnguyen struck out on his own in 1998, launching two long-short equity funds under the banner of Ivory Capital Group. Macnguyen masterfully steered his flagship fund to a snazzy 60.2 percent cumulative return from 1999 through 2001.
Curtis G. Macnguyen began his career at Morgan Stanley & Co. as a financial analyst from 1990 to 1991. At Morgan Stanley he was involved in mergers and acquisitions and restructuring activities.