Robert Luciano
Robert Luciano | |
|---|---|
| Born | 1974 (age 49–50) |
| Occupation | Fund manager |
| Known for | Founder of VGI Partners |
Robert Luciano (born 1974) is an Australian fund manager, best known as the founder of VGI Partners. Luciano's wealth in 2019 would have qualified him for the Financial Review Rich List.[1]
Business career
[edit]Luciano broke into funds management after recommending as an analyst at Prudential-Bache that clients buy shares in the Australian Securities Exchange when it converted from a co-operative into a listed company. The contrarian recommendation gained the notice of Caledonia Investments, which subsequently hired Luciano.[2] Luciano identified another opportunity in the exchanges industry at Caledonia, buying into the Chicago Mercantile Exchange after it shifted from a co-operative to a listed company, which became one of Caledonia's best investments.[3]
Luciano founded VGI Partners in 2008. VGI was best known for its short positions against Slater & Gordon, jeweller Pandora, Hannesbrands and Corporate Travel Management. Its case against Slater & Gordon that it was inflating revenues pushed the law firm's share price from $A8 to less than 30c.[2]
Luciano, who describes himself as not being good with people,[4] has a combatant and direct management style.[5]
A 2022 opinion piece in the Financial Review claimed that Luciano was "paranoid" about personal and information security. Luciano requests any hotel he stays in to shut down wifi for the entire floor his room is on. Luciano’s other security measures include travelling with bodyguards and an airport security gate at VGI’s office.[6]
In 2021 VGI came under pressure from activist investors for its declining performance and the mismatch between the share price and the value of the assets in its listed portfolios.[7] The activists said Luciano lacked appeal for retail investors and that VGI fund VG1’s fees were too high.[8]
In 2022 VGI merged with Regal Funds Management to become Regal Partners. Regal Chief Investment Officer Philip King said the merger would allow Luciano to return his focus to investing rather than managing.[9]
A VGI shareholder described the merger as a "shotgun marriage".[10] The merger marked the death of Luciano’s control of VGI, according to an activist investor.[4]
Luciano was replaced as portfolio manager of the VGI Asian investment fund by Philip King in 2022.[4]
In November 2023, Luciano resigned from VGI Partners.[11] Luciano registered two new businesses, RML Partnership and Rosca Capital Management, in 2024, stating he had begun managing money again for his family.[12]
Personal life
[edit]Luciano’s father, a professional hotel piano player, moved to Australia with his family before Luciano was born. Luciano’s mother was a school teacher.[2]
Luciano has homes in the Sydney suburbs of Mosman and Palm Beach.[13] He is married.[14]
References
[edit]- ^ "VGI Partners not short on Rich Listers". Australian Financial Review. 2019-06-27. Retrieved 2022-12-16.
- ^ a b c Loussikian, Kylar (2019-05-17). "Lunch with hedge fund manager Rob Luciano". The Sydney Morning Herald. Retrieved 2022-12-16.
- ^ Loussikian, Kylar (17 May 2019). "Lunch with hedge fund manager Rob Luciano". The Sydney Morning Herald. Retrieved 2 May 2024.
- ^ a b c "Rob Luciano's deflating punt on Nicholas Moore's Willow". Australian Financial Review. 2022-10-20. Retrieved 2022-12-16.
- ^ "VGI Partners suffers staff exodus as merger dawns". Australian Financial Review. 2022-02-04. Retrieved 2022-12-16.
- ^ "Rob Luciano's penetrable fortress". Australian Financial Review. 2022-07-07. Retrieved 2022-12-16.
- ^ "VGI Partners takes activist short bet against Corporate Travel". Australian Financial Review. 2018-10-28. Retrieved 2022-12-16.
- ^ "VGI faces into the fund manager's dilemma". Australian Financial Review. 2021-04-22. Retrieved 2022-12-16.
- ^ "Inside Regal's merger with VGI". Australian Financial Review. 2022-01-31. Retrieved 2022-12-16.
- ^ "VGI Partners-Regal merger labelled 'shotgun marriage'". Australian Financial Review. 2022-01-31. Retrieved 2022-12-16.
- ^ Peach, Joshua (15 November 2023). "VGI founder Luciano quits Regal-owned hedge fund". Australian Financial Review. Retrieved 2 May 2024.
- ^ Bashan, Yoni (18 April 2024). "Rob Luciano ready for a comeback; Ro Knox likely to take on Allegra Spender". The Australian. Retrieved 2 May 2024.
- ^ "Hedge fund manager Robert Luciano suffers $500m drop in wealth". Australian Financial Review. 2021-10-20. Retrieved 2022-12-16.
- ^ Macken, Lucy (16 February 2018). "ASX chief Dominic Stevens lists Bellevue Hill house for $16 million". Domain. Retrieved 2 May 2024.