||Bateman is ready to take 20% off the top.|
As members of the Wall Street elite and the much-derided 1%, hedge fund managers contend with no small amount of bad publicity, but they have never been connected with serial killers—until now.
Patrick Bateman, the fictional 1980s-era yuppie investment banker who moonlights as a mass murderer and was famously portrayed by Christian Bale in the 2000 screen adaptation of Bret Easton Ellis’s bestselling 1991 book American Psycho, may move to a fruitful career in the hedge fund industry in a sequel to the novel, Ellis recently tweeted.
Ellis, who has been referred to as “the poet of beautiful blond people” and “a sort of Scott Fitzgerald in Ray-Bans,” is known for writing about the decadent sex and drug-addled lives of banal East and West Coast elites. Two more of his books, The Rules of Attraction and The Informers, were also made into movies.
Ellis was tweeting to his 260,000 followers on Twitter recently about a potential follow-up to American Psycho and wrote that he had roughly sketched out his Harvard graduate anti-hero’s career path. “Scribbling notes on PB as hedge fund manager in LA...” Ellis tweeted. “Patrick would hate Obama,” he added, which would be in keeping with dislike many managers have for the President.
Going from investment banking to a Los Angeles hedge fund, especially in the early 1990s, would have put Bateman on an unusual, but not unprecedented, career path. Harvard alumni Mitch Julis and Josh Friedman formed Canyon Capital Advisors in Los Angeles in 1990 after working at Drexel Burnham Lambert (Friedman had previously been in the mergers and acquisitions division of Goldman Sachs). But their move west was the exception. Most hedge funds are located in the tri-state area. Among the 241 largest firms (those in the AR Billion Dollar Club), only 22 are based in California. They manage a combined $108.5 billion of the $1.4 trillion managed by all firms in the Club.
In the book, Bateman graduates from Harvard Business School in 1988 and joins the M&A department of fictional investment banking firm Pierce & Pierce, serving as a vice president. It’s noted in the movie that his father “practically owns” the firm. Asked what he does by a girl in a loud nightclub, Bateman answers "I'm into, uh, well, murders and executions, mostly." It remains to be seen whether he'll make a killing in hedge funds.