James Packer enlists Hamish Douglass to help spend his billions


When Douglass copped an immense amount of criticism for the underperformance of Magellan, Packer was likely empathetic to his plight and the emotional toll endured from being in the public spotlight.

The extent to which Douglass will participate in the architecture of Packer’s new investment portfolio remains to be seen but it is likely to be in the listed company space.

Packer has a long history of relying heavily on a small coterie of advisers in whom he has placed enormous trust, belief and autonomy.

Former allies James Packer with Rob Rankin in 2015, when Packer handed Rankin the chairmanship of Crown.Credit:Patrick Scala

Several of these relationships with Packer have either become strained or soured.

Over 30 years this has included former Consolidated Press boss and Crown chairman John Alexander plus Robert Rankin, a former investment banker who ultimately became and was another Crown chair, who was at one time Packer’s right-hand man. This ended in divorce.

Even earlier in Packer’s career, together with Lachlan Murdoch, he put his trust in Jodee Rich and invested in his fledgling telco OneTel – that ended up in a particularly expensive divorce.

Investment banker Matthew Grounds was part of Packer’s inner orbit for many years and this partnership is ostensibly estranged.

At least one of the long-term Consolidated Press Holdings executives, Guy Jalland, will remain on Packer’s investment committee. But it is the addition of an artificial intelligence guru Daniel Nadler to Team Packer which provides the best insight to where Packer’s funds could be directed.

Nadler, who founded Kensho Technologies and sold it in 2018 for $US550 million and attracts the label ‘futurist’, has been described as “scary smart”. It seems Packer has developed a particular fascination for AI.

Despite the Packer family having made the lion’s share of the family fortune in traditional media and casino businesses, he has invested in many disruptive technology businesses including Seek and Carsales in Australia.

Loading

Packer timed his exit from traditional media well and unsuccessfully attempted to sell out of Crown in 2019 and engineered Crown’s retreat from Macau at an opportune time.

In an interview over the weekend, Packer said the next chapter in his life would involve rehabilitating his reputation and, more remarkably, return to public life.

“I’ve made too many mistakes and I’ve got some big things right too. But I have played the game, be it in the media in Australia or with Crown, I’ve played the game and rolled the dice,” he said. “I’m feeling excited about starting my Act 3 … my Crown chapter is over,” Packer told The Australian.



Source link

Denial of responsibility! galaxyconcerns is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.

Leave A Reply

Your email address will not be published.