Jeremy Hosking

Jeremy Hosking
Born (1958-07-20) 20 July 1958
Alma mater University of Cambridge
Occupation Businessman
Known for Co-founder Marathon Asset Management
Political party Conservative Party
Vote Leave
Spouse(s) Elizabeth Ann Karslake (married 1993)
Children 2xsons: Thomas Frederick (born 1992); Luke Roger Howard (born 1996)

Jeremy John Hosking (born 20 July 1958), is an English businessman and political donor. He made his fortune through investment and private equity, including as a co-founder and investment portfolio manager for private investment fund Marathon Asset Management. He donated £1.7 million to Vote Leave in 2016 and supported pro-Brexit candidates in the 2017 general election. Hosking is a large collector of steam locomotives, and a shareholder of Crystal Palace F.C.. He was ranked number 309 in the Sunday Times Rich List in 2015, with a net worth of £330 million.[1]

Early life

Jeremy Hosking was born on 20 July 1958. He graduated from the University of Cambridge in 1979.

Career

Marathon

Hosking first worked for G.T. Management PLC in Hong Kong and the United States.

In 1986, Hosking co-founded Marathon Asset Management LLP in London (this is a London-based private equity investing firm; it has nothing to do with the similarly named Marathon Asset Management LP, the $12.8 billion New York City firm specializing in distressed debt), with Neil Ostrer and William Arah. Hosking led investment in South East Asia, the Americas and South Africa. Hosking has written various papers on investment and corporate governance, including "South East Asia: Eighteen Reasons to be Bearish" in August 1995.

Hosking & Co.

Hosking separated from Marathon in 2012, stating his intent to retire. In late 2012, Hosking set up Dublin-listed asset manager Hosking & Co.[2]

In October 2016 a judge has upheld a £10.4 million ruling on appeal claim made by Marathon Asset Management against Hosking. The company accused Hosking of breaching "contractual and fiduciary duties" while working there because he discussed plans for a new business with other employees. Hosking was made to pay £1.38 million in damages, and a further £10.4 million - half of the profits Hosking received for the period between mid-July and mid-December 2012 - in 2015. That was subject to an appeal in which Hosking argued profit shares could not be forfeited, but this was dismissed by the judge.[3]

Private investments

In March 2010, Hosking bought the West Sussex country house hotel, the Gravetye Manor, out of administration.[4]

In August 2010, Hosking was part of a four-man consortium which bought Selhurst Park, and then residents Crystal Palace football club out of administration, via the limited company CPFC 2010.[5] On 18 December 2015, it was announced that American investors Josh Harris and David Blitzer had bought a major share holding in the club.[6] Whilst Steve Parish continued as chairman alongside Harris and Blitzer, fellow CPFC 2010 investors Browett, Long and Hosking each retained a reduced 8% investment.[7]

Political activity

In December 2009, Hosking donated £30,000 for funding research support, to Conservative MP David Davis.[8] Hosking donated £100,000 to the Conservative Party in the 2015 general election.[9]

Hosking donated £1.7 million to Vote Leave in the Brexit referendum of 2016.[9] In the 2017 general election, he gave financial support to pro-Brexit candidates.[9]

Railways

Hosking owns a number of steam locomotives and three diesel locomotive, a number of which are operated by Locomotive Services Limited. He also founded the Royal Scot Locomotive and General Trust, to originally purchase 6100 Royal Scot, which now itself both owns a number of steam locomotives and operates workshops at Crewe. In 2016, Hosking purchased a one-third stake in the Dartmouth Steam Railway plc which operates the Paignton to Dartmouth heritage line in Devon.[10]

Engines currently owned by Hosking include:

Class Number (&Name) Image Current location Current status
GWR 4073 Class
5029
Nunney Castle
LNWR Heritage, Crewe
 Undergoing overhaul.
GWR 6959 Class
6960
Raveningham Hall
[11]
West Somerset Railway
 Operational, non mainline.
GWR 4200 Class
4270
Gloucestershire Warwickshire Railway
 Operational, non mainline. Returned to operations in 2014, hauling its first train in 54 years.
SR West Country
34046
Braunton
LNWR Heritage, Crewe
 Operational, Mainline Certified (2016 - 2023). Returned to traffic in 2016 following the completion of an overhaul, currently disguised as scrapped sister 34052 Lord Dowding.
LMS Stanier Class 5MT
45231
The Sherwood Forester
Southall MPD
 Operational, Mainline Certified (2013 - 2020). Purchased in November 2015 following the death of Bert Hitchen, the locos previous owner.[12]
LNER Class A4
4464
Bittern
LNWR Heritage, Crewe
 Having worked the final year of its current boiler certificate at the Mid-Hants Railway, now in store at Crewe Heritage Centre awaiting overhaul.
BR Standard Class 9F
92212
Mid-Hants Railway
 Operational, non mainline. Due to a lack of a flange on the centre driving wheel, cannot be mainline certified.
BR Class 08
08780
Southall LS
 Operational
Key: Operational Undergoing testing/Mainline Certification Under Repair Expired Mainline Certificate/Withdrawn from Service/Stored Under overhaul/restoration

Personal life

Hosking married Elizabeth Ann Karslake in 1993. The couple have two sons: Thomas Frederick (born 1992); Luke Roger Howard (born 1996).[13]

References

  1. ↑ The Sunday Times Rich List 2015
  2. ↑ Hosking and Co
  3. ↑ [Judge upholds fund giant's £10.4m legal claim against co-founder http://citywire.co.uk/new-model-adviser/news/judge-upholds-fund-giants-10-4m-legal-claim-against-co-founder/a955338], Selin Bucak,Citywire, 05 Oct 2016
  4. ↑ "Hosking stokes up luxury hotel purchase". The Times. 2 March 2010. Retrieved 11 January 2011.
  5. ↑ "Long live Crystal Palace", Daniel Jones, This is Croydon Today
  6. ↑ "Crystal Palace: Deal agreed with US investors Harris and Blitzer". BBC Sport. 18 December 2015. Retrieved 19 December 2015.
  7. ↑ "Investment Deal Is Signed". cpfc.co.uk. 18 December 2015. Retrieved 19 December 2015.
  8. ↑ "David Davis". TheyWorkForYou.com. Retrieved 11 January 2011.
  9. 1 2 3 Savage, Michael (13 May 2017). "Millionaire Brexit donor targets 140 remain MPs in general election". The Guardian. Retrieved 14 May 2017.
  10. ↑ Steam Raiwlay, page 10, September 2016
  11. ↑ "Projects". The Flour Mill. Retrieved 11 January 2011.
  12. ↑ "The Sherwood Forester". Icons of Steam. Retrieved 6 November 2015.
  13. ↑ http://www.thepeerage.com/p6051.htm
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