Jim Mellon

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Jim Mellon
BornFebruary 1957 (age 66)
Edinburgh, Scotland
Education University of Oxford
OccupationBusinessman

James Mellon (born February 1957) is a British businessman.

Contents

Early life

James Mellon was born in February 1957 in Edinburgh, Scotland. [1] His father was the former diplomat, Sir James Mellon, who was High Commissioner to Ghana (1978–1983), Ambassador to Denmark (1983–1986) and Consul General in New York (1986–1988). The family are distantly related to the Pittsburgh Mellon banking dynasty. [2]

He was educated at Ampleforth College and then Oriel College, Oxford where he obtained a master's degree in Politics, Philosophy and Economics. [2] [3]

Career

In 1979, Mellon went to work as a trainee fund manager at Griffin Thornton (GT Management), spending six months in Hong Kong, before moving to San Francisco. He left along with Richard Thornton in 1984 to cofound Thornton Management, and returned to Hong Kong to run the company's operation there. Thornton sold for £25 million four years later, making him a millionaire aged 28. He then spent two years setting-up a Hong Kong operation for Tyndall Holdings. [3] [4] [2]

Together with Jayne Sutcliffe in 1992, he founded Regent Pacific as an emerging markets investment vehicle, with Sir John Templeton their first customer. In 1994 came what Mellon calls his "first really big break". Having read about privatization in Russia he traveled to Vladivostok, and later Moscow, where he found Russians selling vouchers on the streets that could be swapped for stock in Russian industries. In a single day he and Sutcliffe spent $2 million in the covered markets buying the vouchers for about $25 each. A few weeks later the shares were worth $17 million. [2] [3]

A spin-off from Regent Pacific that specialises in Eastern Europe, the fund management firm Charlemagne Capital, was also founded in the 1990s and listed on the stock market in 2006. [2] [5] Mellon netted £55 million from his stake in the company. [6]

The 1998 Russian financial crisis was disastrous for Regent, with the value of investments in the company's Russian and East European funds becoming almost worthless, and most of its cash tied-up in local currency bonds as the rouble was devalued. [4]

When Regent Pacific acquired a stake in Hambros Bank, Mellon launched a public attack on the board's performance which preceded the break-up of the bank. This and Regent's methods of breaking-up of closed-end funds led to a 1997 Business Week article referring to him and the company's investment director, Peter Everington as "the Bad Boys of Emerging Markets". In 2009 Mellon said "in hindsight I was overly vociferous, and I have not done it again like that — I’m now more behind the scenes". [2] [7]

Along with Stephen Dattels, Mellon founded the uranium mining company Uramin in 2005 with just $100,000. Also listed on the stock market in 2006, it sold the following year to Areva for around £1.6 billion, reportedly making him about £80 million. Areva later had to accept a huge write-down in Uramin's value. [3]

He is still non-executive chairman at Regent Pacific, [8] and the executive co-chairman of the board of Fast Forward Innovations (formerly Kuala Innovations), [9] the non-executive chairman at Speymill Deutsche Immobilien Company PLC, Port Erin Biopharma Investments Limited and SalvaRx Group PLC (formerly 3Legs Resources). [10] He also holds non-executive directorships at Condor Gold PLC, Bradda Head Limited (formerly Life Science Developments) and Portage Biotech Inc. [11] He is also chairman of the Burnbrae Group. [12] [13] And also founder and co-chairman (along with Johnny Hon) of Mann Bioinvest. [14]

He is also chairman of Manx Financial Group PLC (the parent company of Conister Bank), of which fellow Brexiteer, Arron Banks controlled a significant shareholding until 2020. [15] Banks in 2008, also acquired a "notifiable interest", partly held by his Southern Rock Insurance group, in the gaming company Webis Holdings PLC (watchandwager.com) where Burnbrae holds a controlling stake, and Sir James was a non-executive director until his death in 2023. [16] [17] [18] [19] [20] [21]

Mellon has said he (financially) “had a good day” after the Brexit vote with his trades returning almost 25 percent profit on the year. [22]

Juvenescence, a biotech company, was founded by Mellon and four others, Greg Bailey, Declan Doogan, Anthony Chow, and Alexander Pickett, in 2016. In 2018, Juvenescence raised $50 million, in a series A financing round. [23] [24] Mellon has invested in longevity medicine company AgeX Therapeutics and other biotechnology companies, via Juvenescence and other investment vehicles. [25] [26]

In 2014, Portage Biotech, a company in which Mellon is a major shareholder, acquired a 54% stake in Biohaven. Biohaven was "engaged in the identification and development of clinical stage neuroscience compounds targeting the glutamatergic system". [27] The company conducted an IPO in 2017, raising $168 million, and was listed on the NYSE. [28] Biohaven was acquired by multinational pharmaceutical company Pfizer for $11.6 billion in 2022. At the time, this was Pfizer's largest purchase since 2016. [29]

Politics

In 2009, Mellon was a leading financial backer of then Leader of the Opposition, David Cameron, and critical of the Labour government's "crazy crackdown on the non-domiciles who bring so much money and expertise into the country". [2]

Mellon was a backer of Brexit and played a significant role in it as the man who first introduced Arron Banks to then UKIP leader Nigel Farage. [30] [31] Mellon donated up to £100,000 towards campaigns to leave the EU in 2015. [32] In March 2016, Mellon said he was less “ideologically committed” to Brexit than his friend Banks, and that there were “good arguments to be made on both sides” of what he saw as a “nuanced” debate. [33]

Following the Brexit vote, Mellon's business ties to Russia have drawn scrutiny. [31] [34] [35] Only three weeks after the vote, one of the funds managed by Charlemagne Capital purchased discounted stock in diamond-mining group Alrosa from the county's government. As this offer had also been made to Banks, a report in the New York Times said that this raised "new questions about whether the Kremlin sought to reward critical figures in the Brexit campaign." [31] [35] [36] Although Mellon founded Charlemagne and retained approximately 19% of its shares, and a non-executive director position, his representatives said that he was not involved in investment decisions, did not have prior knowledge of the acquisition, and did not benefit personally from the deal. [37] Less than three months later, Charlemagne was sold to Fiera Capital for £40.7m. [38]

In November 2016, Mellon felt that "Brexit is going to be a sideshow to the problems of Europe" and predicted that the Euro would not last, saying that "the euro as it stands at the moment is just a very inappropriate mechanism — I give the euro between one and five years of life." [22] He also serves on the executive board of the Initiative for Free Trade, a London-based research foundation founded by another prominent leave-supporter Daniel Hannan MEP, after the Brexit vote, that aims to promote free trade. [39] [40]

In July 2018, Mellon said there would "now be a second referendum" with the outcome that "with a few concessions from Europe, Remain will win". [41]

Publications

Personal life

Mellon lives on the Isle of Man. [1] In 2000, he was the largest landowner on the Isle of Man. [4] In 2012 he also had homes in Ibiza, Berlin, San Francisco and Brussels. [3] Mellon maintains an interest in thoroughbred horse racing, and owns the racehorse Toffee Galore. [43] [44] [45]

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References

  1. 1 2 "Rich List 2017: #140, £920 million". The Sunday Times Magazine. 7 May 2017. p. 54.
  2. 1 2 3 4 5 6 7 Ivan Lindsay (29 September 2009). "It's Going to the Dogs…". Spear's Magazine. Retrieved 30 June 2018.
  3. 1 2 3 4 5 Natalie Graham (29 June 2012). "I'm an opportunistic plagiarist". Financial Times. Retrieved 11 July 2018.
  4. 1 2 3 "The energetic Jim Mellon is a man of many parts, writes Charlotte Parsons". South China Morning Post. 21 February 2000. Retrieved 1 July 2018.
  5. ↑ Andrew Oxlade (19 March 2015). "Jim Mellon: Now is the time for Britons to buy European property". Telegraph. Archived from the original on 19 March 2015. Retrieved 1 July 2018.
  6. ↑ Times, The Sunday. "Rich List 2020: profiles 101-199=, featuring Sir Paul McCartney and Joanne Rowling". The Times . ISSN   0140-0460 . Retrieved 22 September 2020.
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  8. ↑ "Regent Pacific Group Ltd (0575.HK)". reuters.com. Retrieved 14 July 2018.
  9. ↑ "FastForward Innovations Ltd (FFWD.L)". reuters.com. Retrieved 14 July 2018.
  10. ↑ "SalvaRx Group Plc (SALVS.L)". reuters.com. Archived from the original on 15 July 2018. Retrieved 14 July 2018.
  11. ↑ "Board of Directors". Regent Pacific Group Limited. Retrieved 14 July 2018.
  12. ↑ "Jim Mellon". www.cityam.com.
  13. ↑ "Jim Mellon - Burnbrae". www.burnbrae.com.
  14. ↑ "Jim Mellon - Mann Bioinvest". www.mannbio.com.
  15. ↑ "Manx Financial Group - Annual Report 2019" (PDF). Manx Financial Group PLC. Retrieved 6 December 2023.
  16. ↑ "Holdings in Company". Press Release. Webis Holdings PLC. 9 June 2008. Retrieved 1 July 2018.
  17. ↑ Cynthia O'Murchu; Oliver Ralph (21 June 2018). "Insurance losses sharpen focus on finances of Arron Banks". Financial Times. Retrieved 1 July 2018.
  18. ↑ "Webis Holdings says Arron Banks buys 2.5 million shares in co". Webis Share News. Thomson Financial. 7 April 2008. Retrieved 1 July 2018.
  19. ↑ "Webis Holdings - Major Shareholders". Webis Holdings PLC. Retrieved 1 July 2018.
  20. ↑ "Webis Holdings - Board Members". Webis Holdings PLC. Archived from the original on 31 March 2023. Retrieved 1 July 2018.
  21. ↑ "Notice of the Death of Senior Independent Non Executive Director". Webis Holdings PLC. Retrieved 9 December 2023.
  22. 1 2 Stefania Spezzati (29 November 2016). "Investor who predicted Brexit now says the euro will collapse | Business News | News" . The Independent. Archived from the original on 8 June 2022. Retrieved 8 May 2017.
  23. ↑ Jones, Jemma (12 June 2018). "Jim Mellon's biotech Juvenescence raises $50m for anti-ageing therapies". PMLive. Retrieved 25 April 2019.
  24. ↑ Terry, Mark (12 June 2018). "Juvenescence Closes on Series A Financing Worth $50 Million to Focus on Human Longevity". biospace. Retrieved 25 April 2019.
  25. ↑ "British billionaire Jim Mellon and high-profile partners roll the dice on an anti-aging upstart". Endpoints News. 26 July 2017.
  26. ↑ "Juvenescence aims to tap longevity 'money fountain'". FT. 11 June 2018.
  27. ↑ "Biohaven seeks IPO cash to fund trials of AstraZeneca, Bristol-Myers castoffs". Fierce Biotech. 10 April 2017.
  28. ↑ "Biohaven Pharmaceutical raises $168 million in IPO". Yale Daily News. 6 May 2017.
  29. ↑ "Cash-rich Pfizer to pay $11.6 billion for Biohaven in biggest deal since 2016". CNBC. 10 May 2022.
  30. ↑ Laura Pitel (3 October 2015). "Farage's millionaire donors find ways to save money on tax". The Times. Retrieved 30 June 2018.
  31. 1 2 3 David D. Kirkpatrick; Matthew Rosenberg (29 June 2018). "Russians Offered Business Deals to Brexit's Biggest Backer". The New York Times. Retrieved 30 June 2018.
  32. ↑ Hope, Christopher (11 July 2015). "Millionaire Jim Mellon backs £20million 'anti-politics' campaign to leave EU as name revealed". Telegraph. Retrieved 8 May 2017.
  33. ↑ Andrew Ward (13 March 2016). "Brexit backer calls halt on scaremongering". Financial Times. Retrieved 2 July 2018.
  34. ↑ Tom Harper; Christopher (17 June 2018). "Brexit backer Arron Banks on spot over source of cash". The Sunday Times. Retrieved 1 July 2018.
  35. 1 2 "Revealed: How Arron Banks's campaign 'ambassador' made his millions in Russia". openDemocracy. Retrieved 20 March 2022.
  36. ↑ "Did The Bad Boys of Brexit Break America?". Vanity Fair. 3 July 2018. Retrieved 20 March 2022.
  37. ↑ Carole Cadwalladr; Peter Jukes (8 July 2018). "Revealed: Leave.EU campaign met Russian officials as many as 11 times". The Observer. Retrieved 10 December 2023.
  38. ↑ "Fiera Capital to acquire UK-based Charlemagne Capital". Verdict Media. 3 October 2018. Retrieved 10 December 2023.
  39. ↑ Buchan, Lizzy (22 February 2018). "Boris Johnson under fire for waiving £6,000 fee for hard Brexit event at Foreign Office" . The Independent. Archived from the original on 8 June 2022.
  40. ↑ "IFT". IFT. Retrieved 30 January 2018.
  41. ↑ Jim Mellon (30 July 2018). "Jim Mellon: Reality sinks in for the FANGs". Master Investor.
  42. ↑ "Juvenescence – Investing in the age of longevity". juvenescence-book.com. Retrieved 10 May 2019.
  43. ↑ "Toffee Galore". Racing Post.
  44. ↑ "Jim Mellon & Partner". Racing Post.
  45. ↑ "Jim Mellon & Partners". Racing Post.
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