One of the city’s richest men, has decided to retire — at 38.
In a letter to investors that was not made public but quickly found its way to the nation’s financial press, Arnold said he was quitting in order to “pursue other interests.” While the commonly used phrase often connotes a forced resignation, in this case the hedge fund was the one he controlled, and reportedly more than half of its assets were his own.
Arnold is No 3 on Houston’s list of billionaires, behind Rich Kinder and Jeffrey Hildebrand, with an estimated net worth of about $3.5 billion...
Arnold has kept a low profile while gaining, and then managing, great wealth. He rarely gives interviews to the press and seems uninterested in self-promotion. His rare public comments have concerned trading matters and charitable endeavors involving his foundation.
His decision to devote his talent to different endeavors may reflect a growing passion for philanthropic work as well as a desire for more time with his wife, Laura, and their three young children. Laura Arnold is a Yale-educated lawyer and former corporate executive who sits on the boards of a number of local organizations.
In leaving the hedge fund world to pursue other commitments, John Arnold may be simply following in his wife’s footsteps. She also had been professionally successful, then decided to take advantage of their success to do things she found more rewarding.
“I spent my life being ambitious,” she told the Chronicle of Philanthropy. “At some point, you realize that your highest and best use isn’t related to your personal work and your ambition. It’s related to the resources you’ve been given and your ability to make transformative change.”
I do wonder if he can get his 3.5 Bil (or whatever) out of the hedge fund without making the whole thing tank (his share included). It would be difficult for him if his assets were suddenly cut to 500 mil. How would he and the Mrs. survive? Walmart greeters
