Hugh Hendry
Encyclopedia
Hugh Hendry is a Scottish fund manager at Eclectica Asset Management. He has become prominent in the United Kingdom for his commentary on the financial crisis.
Born in 1969 in Glasgow
, Scotland, Hendry graduated from Strathclyde University in 1990 with a BA in economics and finance. It has been reported that he was the first non-Oxbridge graduate to get a job at the prestigious Edinburgh
investment management firm, Baillie Gifford
. However, this is not true - the firm started to recruit from other universities in the late 1980s. A number of Baillie Gifford's current partners who joined the firm prior to Hugh are graduates of Edinburgh, Dundee and Bristol.
Hendry has been referred to as "the most high-profile Scot in the controversial (Hedge Fund
) sector."
Hendry has recently gained notoriety for railing against government bailouts and moral hazard
in interviews and round-robin
discussions. On an episode of the BBC’s Newsnight
program aired on May 26, 2010, Hendry was featured along with Gillian Tett
of Financial Times
and Jeffrey Sachs
of Columbia University
. Hendry responded to a question from host Jeremy Paxman
about the current European economic situation and the possibility of a Greek sovereign debt default with the comment, "I would recommend you panic".
In an episode of Question Time on September 28, 2010, Hendry proposed that Government agencies such as MI6 should torture people for intelligence information. The hedge fund manager said: "I like the notion that there are cowards out there and if they mess with us there could be very unpleasant consequences." He elaborated, "I don't want to wrap up our intelligence agents with codes with what they can and cannot do."
Born in 1969 in Glasgow
Glasgow
Glasgow is the largest city in Scotland and third most populous in the United Kingdom. The city is situated on the River Clyde in the country's west central lowlands...
, Scotland, Hendry graduated from Strathclyde University in 1990 with a BA in economics and finance. It has been reported that he was the first non-Oxbridge graduate to get a job at the prestigious Edinburgh
Edinburgh
Edinburgh is the capital city of Scotland, the second largest city in Scotland, and the eighth most populous in the United Kingdom. The City of Edinburgh Council governs one of Scotland's 32 local government council areas. The council area includes urban Edinburgh and a rural area...
investment management firm, Baillie Gifford
Baillie Gifford
Baillie Gifford is an investment management firm which is wholly owned by 36 partners, all of whom work full time for the firm. It was founded in Edinburgh in 1908 and still has its headquarters in the city...
. However, this is not true - the firm started to recruit from other universities in the late 1980s. A number of Baillie Gifford's current partners who joined the firm prior to Hugh are graduates of Edinburgh, Dundee and Bristol.
Hendry has been referred to as "the most high-profile Scot in the controversial (Hedge Fund
Hedge fund
A hedge fund is a private pool of capital actively managed by an investment adviser. Hedge funds are only open for investment to a limited number of accredited or qualified investors who meet criteria set by regulators. These investors can be institutions, such as pension funds, university...
) sector."
Hendry has recently gained notoriety for railing against government bailouts and moral hazard
Moral hazard
In economic theory, moral hazard refers to a situation in which a party makes a decision about how much risk to take, while another party bears the costs if things go badly, and the party insulated from risk behaves differently from how it would if it were fully exposed to the risk.Moral hazard...
in interviews and round-robin
Round-robin
The term round-robin was originally used to describe a document signed by multiple parties in a circle to make it more difficult to determine the order in which it was signed, thus preventing a ringleader from being identified...
discussions. On an episode of the BBC’s Newsnight
Newsnight
Newsnight is a BBC Television current affairs programme noted for its in-depth analysis and often robust cross-examination of senior politicians. Jeremy Paxman has been its main presenter for over two decades....
program aired on May 26, 2010, Hendry was featured along with Gillian Tett
Gillian Tett
Gillian Tett is a British author and award-winning journalist at the Financial Times, where she is the US managing editor She has written about the financial instruments that were part of the cause of the financial crisis that started in the fourth quarter of 2007, such as CDOs, credit default...
of Financial Times
Financial Times
The Financial Times is an international business newspaper. It is a morning daily newspaper published in London and printed in 24 cities around the world. Its primary rival is the Wall Street Journal, published in New York City....
and Jeffrey Sachs
Jeffrey Sachs
Jeffrey David Sachs is an American economist and Director of The Earth Institute at Columbia University. One of the youngest economics professors in the history of Harvard University, Sachs became known for his role as an adviser to Eastern European and developing country governments in the...
of Columbia University
Columbia University
Columbia University in the City of New York is a private, Ivy League university in Manhattan, New York City. Columbia is the oldest institution of higher learning in the state of New York, the fifth oldest in the United States, and one of the country's nine Colonial Colleges founded before the...
. Hendry responded to a question from host Jeremy Paxman
Jeremy Paxman
Jeremy Dickson Paxman is a British journalist, author and television presenter. He has worked for the BBC since 1977. He is noted for a forthright and abrasive interviewing style, particularly when interrogating politicians...
about the current European economic situation and the possibility of a Greek sovereign debt default with the comment, "I would recommend you panic".
In an episode of Question Time on September 28, 2010, Hendry proposed that Government agencies such as MI6 should torture people for intelligence information. The hedge fund manager said: "I like the notion that there are cowards out there and if they mess with us there could be very unpleasant consequences." He elaborated, "I don't want to wrap up our intelligence agents with codes with what they can and cannot do."