Ex-wife of F1 billionaire Bernie Ecclestone units up household workplace to handle $881M divorce settlement

May 16, 2024 | blog

The superrich have typically confronted an age-old dilemma in dealing with their eye-watering fortunes. Do they spend money on the inventory market? Buy up property? Pick up a philanthropy behavior? Or merely go on a spending spree? The ex-wife of F1 mogul Bernie Ecclestone has confronted that very same dilemma for some years since touchdown her $881 million divorce settlement.

Now, her plans are beginning to grow to be clear.

Slavica Malic, the ex-wife of 93-year-old billionaire Ecclestone, has arrange a household workplace to handle her multi-million greenback fortune within the wake of her divorce from the previous CEO of Formula One in 2009, Bloomberg first reported.

It is anticipated that Malic, who divorced Ecclestone on the grounds of “unreasonable behavior,” will use the workplace to speculate her nine-figure fortune.

Companies House filings reviewed by Fortune verify that Malic arrange an organization referred to as Elm Cove in August final yr.

To run her workplace, Malic has enlisted the assistance of London-based belief supervisor Stefan Le Marquand, filings present. She has additionally employed former HSBC managing director Fredrik Nerbrand because the workplace’s chief funding officer, Bloomberg reported citing folks conversant in the matter.

Nerbrand’s LinkedIn profile says he’s at the moment working as chief funding officer for a single household workplace. His duties embody organising a brand new working mannequin for the workplace and investing “in all asset classes but with a focus on wealth preservation.”

Representatives for Malic didn’t instantly reply to a request for remark.

The ex-wife millionaires membership

Malic joins an extended record of the ex-wives of billionaires who’ve been given the chance to construct their very own legacies within the wake of a divorce settlement. 

They have taken completely different routes of their journeys with their newfound impartial fortunes.

MacKenzie Scott, the ex-wife of Amazon founder Jeff Bezos, got here into an roughly $36 billion fortune after receiving 25% of Amazon’s shares in her divorce settlement with the previous CEO. 

She has very publicly targeted her efforts on philanthropy, claiming to have donated $17.3 billion to greater than 2,300 nonprofits since 2019.

Melinda French Gates, the ex-wife of Microsoft co-founder Bill Gates, has poured billions in philanthropic causes via the $63 billion Bill and Melinda Gates Foundation, which she continued to co-run after her divorce in 2021. 

Earlier this week, Gates introduced she can be stepping away from the group. As a part of the exit settlement, Gates will take together with her a $12.5 billion pot to decide to her work “on behalf of women and families.” 

Based on Malic’s chief funding officer’s targets for the fund, it appears philanthropy gained’t be her first precedence, although she does seem to have a philanthropic belief titled the Slavica Malic Foundation, based in 2023.

Instead, she is going to probably add her identify to a rising pot of large female-led funding funds seeking to develop their wealth, together with Oprah Winfrey who equally began a household workplace in 2010.

Malic will make up a rising tide of those feminine buyers, who’re anticipated to regulate $30 trillion within the monetary belongings of child boomers by the tip of the last decade, based on McKinsey.

Bernie’s billions

Malic’s ex-husband Ecclestone had efficient management of the worldwide racing franchise Formula One after shopping for the rights to the group within the Seventies, sustaining a chokehold on the group’s operations as CEO even after promoting most of his stake within the Nineteen Nineties. 

The firm was offered to Liberty Media in 2017 for $8 billion, touchdown him a sizeable fortune. The nonagenarian at the moment has a web price of round $2.4 billion, based on Forbes

However, that fortune has taken a pointy haircut after a run-in with U.K. authorities final yr. 

In October, Ecclestone was pressured to cough up £652 million ($793 million) after admitting to defrauding the U.K.’s HMRC, ending a decades-long dispute with the tax physique.

The monetary particulars of his divorce from Malic had been laid naked as a part of that ugly investigation.

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