Al Gore, uber investor?
The former vice president sees his investment firm quadruple its profits.
The former vice president has founded an asset management company that almost quadrupled its profits last year, The Wall Street Journal reported.
The company, Generation Investment Management, was started in 2004 by Gore, a former Goldman Sachs (GS) executive named David Blood and Mark Ferguson, whose father manages England's Manchester United soccer team.
And though some investment firms had a tough time in 2009, Gore's firm worked out the knots in its strategy and reported $50 million in pretax profits. The revenue story was also bright, going from $30 million in 2008 to $72 million in 2009.
Much of the spike in revenue came from the company's U.S. operations, the Journal reported.
One of the stars in Gore's firm is Generation's global equity fund, which made 54.1% in the year ending in March. The fund outperformed its benchmark, the MSCI Developed World Index, by 10.1%, the Journal reported.
It's not like Gore kneads -- I mean needs -- the money. But it's nice to see something positive for the ex-VP after a tumultuous time. And he appears to be staying true to his commitment to the planet; Generation only invests in firms with sustainable business models.
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The offering could become the second-biggest this year if underwriters exercise an option to buy more shares.
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