CHARLOTTE, N.C. - The renowned hedge-fund investor who became the owner of the Carolina Panthers last summer reportedly is preparing for a major shift for his firm, Appaloosa Management, as he spends more time focusing on running the local NFL franchise.
The Wall Street Journal, citing multiple inside sources, reports David Tepper plans to transform Appaloosa into a family firm to manage his personal wealth, which already represents about 70% of its assets under management. As part of the shift, the $13 billion hedge fund would return investments made by outside clients.
Tepper has certainly become a visible presence in Charlotte since purchasing the Panthers in July for nearly $2.3 billion. Aside from appearances at charity and community events as well as team outings, he’s been building relationships with the city’s prominent business leaders. Next month, he’ll serve as honorary chair for the Charlotte Regional Business Alliance’s Inter City Visit to his native Pittsburgh.
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