The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Banking

Wilbur Ross builds from the bottom up

The billionaire investor is one of the world’s most successful buyers of distressed assets. He talks to Sudip Roy in New York about value destruction, a Middle East partnership and his strategy for the future.

Wilbur Ross

"I don’t think it is a Great Depression, I don’t think it’s Armageddon but I think that it’s purely wishful thinking for people to be forecasting a sharp V-shaped recovery"
Wilbur Ross

DUBBED "THE KING of bankruptcy" by Fortune magazine, Wilbur Ross built his reputation at Rothschild in the 1970s and 1980s as a bankruptcy adviser to creditors and shareholders in troubled companies such as TWA, Donald Trump’s Taj Mahal and Drexel Burnham Lambert. In 1997 he established a private equity fund at Rothschild. Shunning the dotcom bubble that was inexorably being inflated at the time, he managed to produce triple-digit annual average returns from old-economy-type companies such as Plains All-America Pipeline and AES Thames.

In 2000, after 24 years at Rothschild, he bought out the fund and set up WL Ross & Co, with $440 million in investor money aimed at exploiting opportunities in a range of industries including steel, coal, textiles, automotive products, telecoms and financial services. Backers included Goldman Sachs, GE Capital and US pension fund Calpers.

In 2005 Ross entered into one of his most successful-ever transactions when he sold Ohio-based International Steel Group to Lakshmi Mittal for $4.5

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree