Arthur Samberg, the founder of Pequot Capital Management Inc., once the world's largest hedge fund firm, has died. He was 79.
Mr. Samberg died on July 14, according to a notice published in the New York Times. He had leukemia, according to an obituary on the Beecher Flooks Funeral Home's website.
"He was a very intelligent guy, very hard-working, smart and successful," Leon Cooperman, the billionaire founder of Omega Advisers, who was friends with Mr. Samberg for 55 years, said in a phone interview Sunday. "He never forgot where came from, he shared his success with others less fortunate, he was self-achieved."
Mr. Samberg had a 40-year career as an investor, starting his first fund, Pequot Partners, while at money-management firm Dawson-Samberg Capital Management Inc. He spun off Pequot Capital — named for a street address in Connecticut — at the start of 1999, and by 2001 the firm had $15 billion in assets, making it the biggest hedge fund.
That fact — the result of George Soros and Julian Robertson closing down their firms to outside investors — was revealed in a Wall Street Journal story, thrusting the low-profile Mr. Samberg into the limelight.
"My success in life is taking decent expertise in technology and combining it with finance and trying to apply those two things to help companies aggregate capital and grow and create jobs," Mr. Samberg said in a 2015 interview. "I care about solving the world's problems and getting rich while doing it, because the two actually do work together."