J. Christopher Flowers

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Christopher Flowers
Money-graphics-2007 884673a.jpg
Occupation Founder of J.C. Flowers & Co. and former head of the Global Financial Institutions Group at Goldman Sachs
Employer J.C. Flowers & Co.
Location New York

J. Christopher Flowers is the founder of J.C. Flowers & Co.. Before starting the company in 2002, he served as head of the Global Financial Institutions Group at Goldman Sachs until 1998.

Flowers was listed in Forbes magazine's 400 Richest Americans list in 2006, and at that time it was estimated that his net worth was around $1.2 billion.[1] He was also ranked 645 among the world's richest people in 2006 by the magazine. He is said to be an avid chess player and enjoys boating and squash.[2]

Background

Flowers got his start as a dealmaker for Goldman Sachs. He made partner in 1988 and left to start J.C. Flowers & Co. buyout shop 10 years later. With Ripplewood Investments, he bought Long Term Credit Bank of Japan in 2000. Once the institution was renamed Shinsei Bank, Flowers cut jobs and fixed the balance sheet. Partners reaped $2.3 billion in a 2004 public offering and Flowers' stake was said to be worth around $540 million as of 2006. Other Flowers investments include Enstar financial services and NIBC (private Netherlands bank).[3]

History

J.C. Flowers & Co. is one of the largest shareholders in trading firm MF Global. In late October 2011, MF Global reported its largest-ever quarterly loss and subsequently filed for bankruptcy protection.[4][5]

In December 2010, Flowers made headlines when he backed away from an agreement with Spain's Banca Cívica to buy $602 million worth of convertible bonds. The non-binding letter of intent was agreed upon in July of 2010 but does not supersede a formal agreement. Flowers went back on his word when the bank failed European stress tests. [6]

Education

Flowers is a Harvard University graduate of the class of 1979. He helped to create a $50 million fund at the university.[7]

References

  1. #322 J. Christopher Flowers. Forbes.com.
  2. #645 J. Flowers. Forbes.com.
  3. J Christopher Flowers. Forbes.com.
  4. MF Global Drops by Most Since 2008 on Biggest Quarterly Loss. Bloomberg.
  5. The Unraveling of MF Global. WSJ.
  6. Flowers Gets Cold Feet Over Caja Move. Financial Times.
  7. Professorship Challenge Fund Set Into Motion. Harvard University Gazette.