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Michael Steinhardt Net Worth, Biography & Wiki 2017
Michael H. Steinhardt on the 7th December 1940 in New York City, New York USA and is a hedge fund manager, investor and a philanthropist, best known to the world through his hedge fund Steinhardt Partners, which operated from 1967 until 1995, and for being the chairman of WisdomTree Investments.
Have you ever wondered how rich Michael Steinhardt is, as of mid- 2017? According to authoritative sources, it has been estimated that Steinhardt’s net worth is as high as $1.2 billion, an amount earned through his successful career in the financial world, which started in 1960.
Michael Steinhardt Net Worth $1.2 Billion
Michael is of Jewish ancestry, and is the son of convicted felon Sol Frank Steinhardt who hung out with crime bosses including Meyer Lansky and Vincent Alo, and also with Albert Anastasia, whom he was with the night he was killed.
Michael didn’t let his father’s life have much of an effect on him, and he focused on his education; after finished high school, he enrolled at the University of Pennsylvania from which he graduated in 1960. His career began when he joined the hedge fund Rhoades & Co, started by Calvin Bullock and brokerage firm Loeb. With the help of his father, who gave him investment money, Michael began slowly to make his way as an investor. Though working as an analyst at Loeb, Rhoades & Co, he was concentrated more on his own ventures, and in the late ‘60s he left the firm and started his own hedge fund, Steinhardt, Fine, and Berkowitz, with partners including William Salomon and Jack Nash. He changed the name of the firm to Steinhardt Partners, and ran it successfully for more than two decades, for several years returning an average of 24.5% to investors, almost three times earning on the S & P 500. However, he and his firm were investigated due to charges that he tried to manipulate short-term Treasury Notes. He paid out 75% percent of $70 million, which was the settlement fee. He closed the hedge fund soon after the whole thing was over, and distributed all monies to its limited partners.
He decided to retire from the business, but made a return in 2004 by joining the Index Development Partners, Inc, which is now known as WisdomTree Investments. He has been serving as the chairman of the company, and he made it one of the most successful investment funds with $18.3 billion under management as of December 2012, and with returns of over 10% to investors, impressing Bloomberg to the extent where he was named “Wall Street’s greatest trader.”
Thanks to his successful career, Michael was inducted into the Institutional Investors Alpha’s Hedge Fund Manager Hall of Fame in 2008.
Aside from investments, Michael has had several other business ventures that also added to his wealth; he launched a publishing company, New York Sun and lso, and has published the autobiography “No Bull: My Life in and out of Markets”.
Michael also tried himself in politics, as he served as the chairman of the Democratic Leadership Council, and was on the board of the Foundation for the Defense of Democracies.
Regarding his personal life, Michael has been married to Judy, whom he met in 1967 during one of the car pools he organized. The two have three children together.
Michael is a well-known philanthropist; devoted to his Jewish roots, he has donated more than $120 million to Jewish causes through his The Steinhardt Foundation for Jewish Life