Hedge Funds

Elliott turns to the movies


Elliott Associates is in the business of motion pictures. The New York hedge fund, which manages $10 billion, has agreed to help finance a significant portion of the movies released by Universal Pictures. In a new venture with Los Angeles creative agency Relative Media, Elliott will co-finance about 75% of Universal’s motion pictures through 2011. Jesse Cohn, who manages Elliott’s relationship with the new partnership, called Relativity Capital, said that Universal’s track record – and focus on profitability – was the motivating factor. “This is exactly the deal we have been waiting for.”