Elliott Hires Cornwall Capital’s Tai to Boost Japanese Activism

Elliott Investment Management has hired Aaron Tai, a partner at hedge fund Cornwall Capital, to grow its activism practice in Japan, according to a person familiar with the matter.

(Bloomberg) — Elliott Investment Management has hired Aaron Tai, a partner at hedge fund Cornwall Capital, to grow its activism practice in Japan, according to a person familiar with the matter.

Tai joined Elliott this week and reports to London-based senior portfolio manager Nabeel Bhanji, the person said, asking not to be identified discussing confidential information.

Elliott is one of the busiest activist investors globally and has waged prominent campaigns in Japan in recent years against targets including conglomerate Toshiba Corp. and billionaire Masayoshi Son’s SoftBank Group Corp. 

Tai and a representative for Elliott declined to comment, while Cornwall Capital didn’t immediately respond to emailed queries. 

During his time at Cornwall Capital, Tai spent close to a decade engaging with Japanese public companies. He helped thwart a 2020 bid by refiner Idemitsu Kosan Co. to buy out minority shareholders of listed subsidiary Toa Oil Co. The Tokyo-based group eventually came back with a 29% higher offer following nearly two years of behind-the-scenes negotiations and completed the deal late last year. 

Tai also helped lead the fund’s takeover last year of Uniden Holdings Corp., which is known for its radio gear and cordless phones. That deal marked a rare move by a foreign hedge fund to invest in a Japanese listed company and then take it private with the blessing of management. 

The hire follows recent departures from Elliott including London-based portfolio manager Sebastien de La Riviere, who left earlier this month, and Mark Levine, who was one of the most senior members of Elliott’s UK office and retired late last year. Some other members of Elliott’s London office, including Franck Tuil and James Smith, have also left in recent years and gone on to start their own funds. 

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