Leon Cooperman

Leon G. Cooperman
Born	(1943-04-25) April 25, 1943 South Bronx, New York City, U.S.
Occupation(s)	Investor, hedge fund manager
Years active	1965–present
Known for	Chairman and CEO of Omega Advisors

Leon G. Cooperman (born April 25, 1943) is a prominent American billionaire investor and hedge fund manager. He serves as chairman and CEO of Omega Advisors, an investment advisory company headquartered in New York that manages assets exceeding $3.3 billion, predominantly consisting of his own capital.

In September 2016, the U.S. Securities and Exchange Commission filed charges against Cooperman and Omega Advisors alleging insider trading involving Atlas Pipeline Partners securities in July 2010, based on confidential information obtained from a corporate executive. Omega Advisors reached a settlement with the SEC in May 2017, agreeing to pay $4.9 million without admitting any violation. The agreement mandated ongoing compliance supervision and monthly affirmations forbidding insider trading activities through 2022.

Early life and education

Cooperman was born to Polish-Jewish immigrant parents in the South Bronx area of New York City. He was the first member of his family to attain a college degree. After completing his studies at Hunter College, where he participated in the fraternity Alpha Epsilon Pi, he began his career in 1965 as a quality control engineer at Xerox. He subsequently earned an MBA from Columbia Business School in 1967 and holds the Chartered Financial Analyst credential.

Early career and Goldman Sachs

Following his graduation from Columbia, Cooperman embarked on a 22-year tenure at Goldman Sachs within investment research, holding roles such as partner-in-charge, co-chairman of the investment policy committee, and chairman of the stock selection committee. In 1989, he was appointed chairman and CEO of Goldman Sachs Asset Management and took on the role of chief investment officer for the equity division, overseeing the GS Capital Growth Fund for a year and a half.

Throughout his time at Goldman Sachs, Cooperman earned recognition as the top portfolio strategist in the Institutional Investor "All-America Research Team" rankings for nine years running.

He concluded his career at Goldman Sachs at the end of 1991 after serving 25 years as a general partner and leading Goldman Sachs Asset Management as chairman and CEO.

Omega

Upon departing Goldman Sachs, Cooperman established Omega Advisors, Inc., a private investment firm. He retired from active management in 2016, transitioning Omega into a family office structure.

2016 SEC investigation

On September 21, 2016, the U.S. Securities and Exchange Commission accused Cooperman of insider trading allegations, which he denied. He also faced related criminal accusations and invoked his Fifth Amendment rights during SEC proceedings. In May 2017, Omega Advisors consented to a $4.9 million settlement with the SEC without acknowledging any wrongdoing. The terms included ongoing compliance oversight until 2022 with requirements for onsite monitoring of electronic communications and trade records, along with monthly certifications confirming that no material nonpublic information influenced trading decisions.

After finalizing the settlement, Cooperman criticized the investigation process as unfair and stated that his legal team believed there was a strong likelihood of prevailing on the case's merits. The SEC chose not to provide any comment.

Personal life

Cooperman and his wife, Toby, are parents to two sons, Wayne and Michael, and have three grandchildren. Since the late 1970s, their primary residence has been in the Short Hills area of Millburn, New Jersey, although Cooperman spends a significant portion of his time in Boca Raton, Florida. He has been honored with an honorary doctorate in finance from Roger Williams University located in Rhode Island.

In 2012, Bloomberg Markets magazine recognized Cooperman as one of the 50 Most Influential individuals. Forbes included him among the 40 top-earning hedge fund managers in 2013 and elevated him to the top 25 list the following year.

Political and economic views

Cooperman's recent political contributions have largely supported Republican candidates.

He attracted public attention in November 2011 after publishing an open letter to then-President Barack Obama, accusing him of promoting class conflict.

In 2019, Cooperman voiced strong opposition to Democratic presidential contender Elizabeth Warren’s proposed wealth tax, describing it as "unnatural," challenging to implement, and likely unconstitutional. He forecasted a potential 25% decline in the stock market if Warren were elected and expressed apprehension regarding its effects on his personal wealth. His stance was highlighted in campaign advertisements for Bernie Sanders during the 2020 election cycle.

Amid the GameStop short squeeze event in January 2021, Cooperman attributed the market volatility to government stimulus payments and criticized President Biden’s proposed increases in capital gains taxes. He dismissed calls for the wealthy to pay a "fair share" as an attack on affluent individuals. Portions of his interview were subsequently edited out by CNBC.

In October 2023, Cooperman halted his financial support to Columbia University following student protests concerning the Gaza conflict. Speaking on Fox Business, he underscored Israel’s role as a crucial Middle Eastern ally and a democracy embracing diversity. He demanded the dismissal of Professor Joseph Massad for endorsing Hamas’ assault on Israel and condemned Columbia’s delayed reaction to campus disturbances, accusing the institution of failing to address disruptive influences adequately.

Philanthropy

Together with his wife, Cooperman became a signatory of The Giving Pledge in 2010, committing to allocate the bulk of their wealth toward philanthropic endeavors.

That same year, they created a $5 million endowment aimed at fostering Jewish identity and continuity among young adults. This fund—the Cooperman Family Fund for a Jewish Future—was the first permanent financial support established for Birthright Israel.

In 2011, Cooperman contributed $25 million to Columbia Business School to facilitate the development of new facilities within Manhattanville, New York, including a dedicated building for its Graduate School of Business.

The Leon and Toby Cooperman Family Foundation pledged $25 million in April 2014 to Saint Barnabas Medical Center for constructing a new 200,000-square-foot facility named the Cooperman Family Pavilion. Later, in September 2021, the foundation donated an additional $100 million to this institution, prompting its renaming as Cooperman Barnabas Medical Center.

Initiated in 2015, the Cooperman College Scholars Fund assists academically talented high school students with college-related expenses. Originally collaborating with four institutions—the College of New Jersey, Rutgers–Newark, Rowan University, and Franklin & Marshall College—the program is designed to broaden access to higher education opportunities.

Cooperman is a founding Master Player of Portfolios with Purpose, an online stock trading competition. He also holds a board position with the Damon Runyon Cancer Research Foundation and supports the Songs of Love Foundation, which produces personalized music for individuals coping with chronic illnesses. In 2017, his foundation awarded a $1 million Four-Year Challenge Grant to further aid this organization.

External links

• https://www.omegaadvisers.com/