AI’s biggest winners are yet to emerge, says GoldenTree founder

Artificial intelligence will create both “winners and losers”, but the market is still deciding who they will be, according to veteran investor Steven Tananbaum.

Tananbaum, the founder of GoldenTree Asset Management founder made the comments during a conversation with Tortoise Media founder and former Times editor, James Harding at Jewish Care’s 105th Business Breakfast at Claridge’s.

The discussion ranged from AI to the opportunities in private credit to philanthropy, antisemitism and the growth of GoldenTree, the investment firm Tananbaum founded in 2000 which today manages around $70 billion in assets and employs 320 people.

On the rapid rise of AI, Tananbaum said: “There will be winners and losers. The market is still deciding.”

Tannenbaum, who has spent nearly four decades in the credit markets, also described private credit as a “highly differentiated” asset class as he reflected on the opportunities and challenges facing investors amid geopolitical and economic uncertainty.

He also spoke about his philanthropic work and his role as co-chair of the Palm Beach Center to Combat Antisemitism & Hatred.

“Unfortunately, antisemitism has been on the rise,” he said. “For us, it has been about prioritising ways to give back to the Jewish community that reflect what we believe is most important. This includes supporting public education by presenting accurate information on issues we feel matter, while also helping to ensure that the Jewish community feels safe and supported.”

Asked about philanthropy more broadly, he added: “To me, philanthropy should be joyous and there are many great causes, so there’s not one way to do it. You should do what you feel is satisfying and what you feel helps to make the world a better place.”

The breakfast, sponsored by GoldenTree Asset Management, welcomed around 160 guests and raised more than £40,000 for Jewish Care.

Opening the event, Simon Lyons, chair of Jewish Care’s Business Group Committee, thanked Tananbaum and GoldenTree for their support, describing Jewish Care as “a beacon for our community” that provides “dignity, care, community and a sense of belonging” to those who rely on its services.

Ellisa Estrin, Jewish Care’s director of fundraising and marketing, said: “We are so grateful to Steven Tananbaum for sharing his thoughtful insights with us today and to GoldenTree Asset Management for sponsoring the event. I’d also like to thank James Harding and all our guests for their generous support, as well as the Business Group Committee for their continued hard work and dedication in supporting Jewish Care.

“This year, we need to raise £20 million to ensure we can continue to deliver our vital services and the £40,000 raised today will help us to reach our goal. These services span across the life stages – from supporting young people aged 11 and over who are struggling with their mental health, through to caring for older people with increasingly complex needs. This includes supporting our ageing Jewish community to live independently for as long as possible, alongside providing specialist dementia care, mental health support and end-of-life care.”

Jewish Care supports around 12,000 people every week across London and the South East through its health, social care and mental health services, including Jami, its mental health service for the Jewish community.