David Hains ( – 22 January 2023) was an Australian businessman, engineer, and horse breeder. He was the founder and once CEO of Portland House Group, Australia’s largest private investments management firm and

hedge fund A hedge fund is a Pooling (resource management), pooled investment fund that holds Market liquidity, liquid assets and that makes use of complex trader (finance), trading and risk management techniques to aim to improve investment performance and ...

. According to

Forbes ''Forbes'' () is an American business magazine founded by B. C. Forbes in 1917. It has been owned by the Hong Kong–based investment group Integrated Whale Media Investments since 2014. Its chairman and editor-in-chief is Steve Forbes. The co ...

, Hains had at the time of his death a personal net-worth of around $2

billion Billion is a word for a large number, and it has two distinct definitions: * 1,000,000,000, i.e. one thousand million, or (ten to the ninth power), as defined on the short scale. This is now the most common sense of the word in all varieties of ...

, making him one of Australia’s richest person.

Biography

Hains graduated from the

University of Melbourne The University of Melbourne (colloquially known as Melbourne University) is a public university, public research university located in Melbourne, Australia. Founded in 1853, it is Australia's second oldest university and the oldest in the state ...

. He started his career as an engineer and in corporate restructuring. In the 1960s, he took a seven-year hiatus from his career to play golf. Through his Portland House Group, Australia's biggest

that he managed with his children, Hains invested in equities, fixed interest, property and managed funds globally. In 1993, he sold an investment to

Wheeling-Pittsburgh Steel Wheeling-Pittsburgh Steel was a steel manufacturer based in Wheeling, West Virginia. Operations The company owned the following factories, all of which are between Benwood, West Virginia, and Steubenville, Ohio. * Ackermann Works at Wheeling, wh ...

for 107 million. Hains bred horses at his Kingston Park Stud in , Victoria. His horses include Kingston Town, Lowan Star and Rose of Kingston.

Personal life and death

Hains was married to Helen Hains and had five children. His son Richard Hains is a hedge fund manager and author of the novel ''Chameleon''. Helen Hains died on 24 August 2017. Hains died on 22 January 2023, at the age of 92.

Wealth rankings

In May 2019, ''

The Australian Financial Review The ''Australian Financial Review'' (''AFR'') is an Australian compact daily newspaper with a focus on business, politics and economic affairs. The newspaper is based in Sydney, New South Wales, and has been published continuously since its foun ...

'' estimated Hains'

net worth Net worth is the value of all the non-financial and financial assets owned by an individual or institution minus the value of all its outstanding liabilities. Financial assets minus outstanding liabilities equal net financial assets, so net w ...

as 2.90 billion as published in the ''

Financial Review Rich List The ''Financial Review Rich List'', formerly known as the ''BRW Rich 200'', is a list of Australia's two hundred wealthiest individuals and families, ranked by personal net worth published annually in ''The Australian Financial Review Magazine' ...

''; and in January 2019 his net worth was estimated by ''

Forbes Asia ''Forbes'' () is an American business magazine founded by B. C. Forbes in 1917. It has been owned by the Hong Kong–based investment group Integrated Whale Media Investments since 2014. Its chairman and editor-in-chief is Steve Forbes. The c ...

'' as 1.90 billion as published in the list of Australia's 50 richest people. , Hains was one of ten Australians who had appeared in every ''Financial Review Rich List'', or its predecessor, the ''BRW Rich 200'', since it was first published in 1984, until his death in 2023. In 2023, the ''Financial Review'', assessed the net worth of Hains' descendants, Stephen, Richard and Michael Hains and family, at 2.88 billion.

Notes

*: Since 2023, the ''Australian Financial Review'' assessed the net worth of Hains' descendants, Stephen, Richard and Michael Hains and family.

References

{{DEFAULTSORT:Hains, David 1930s births Year of birth uncertain 2023 deaths Businesspeople from Melbourne University of Melbourne alumni Australian racehorse owners and breeders Australian billionaires Place of birth missing