Fund partially owned by Orban's son-in-law profited from his election defeat - Bloomberg
Kyiv • UNN
The Equilor fund profited by betting on Orban's defeat and the opposition's victory. The company is controlled by István Tiborcz, the husband of the former prime minister's daughter.
An asset management fund within the Equilor group of companies, partly owned by Hungarian Prime Minister Viktor Orbán's son-in-law, profited from betting on financial markets on the authoritarian leader's loss of power, Bloomberg reports, writes UNN.
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Equilor Asset Management said it had accumulated a "significant overweight" in government bonds and, just before Hungary's April 12 election, in local equities. The bets paid off as the Tisza opposition party's convincing victory extended the country's asset rally.
Although the ownership structure of this small asset management fund is opaque, it operates from the same office as Equilor Investment Ltd., a brokerage firm controlled by István Tiborcz, the husband of Orbán's eldest daughter, the publication writes. These firms also position themselves as a single group for clients.
"We were inclined to expect Tisza to be a clear winner and positioned ourselves accordingly," Attila Szabó, Equilor AM's chief investment officer, said in a post-election interview at his office.
Equilor AM's bet on Orbán's departure, as the publication writes, signals that even insiders were preparing for defeat. Hungarian markets rallied on Tisza's plans to re-establish ties with the European Union and steer the country towards adopting the euro, with Budapest's BUX stock index soaring to a record high and 10-year bond yields falling to their lowest level since 2024.
A representative for the Equilor-branded companies confirmed that some of the same people manage the brokerage firm and the asset management company. Bálint Szécsényi, the brokerage firm's CEO, sits on the asset management company's supervisory board and is a key shareholder of the entire group, the representative said, adding that the firms have different ownership models.
Equilor Investment brokerage firm is mainly owned by Granit Bank Nyrt., listed on the Budapest Stock Exchange, which in turn is part of the BDPST group, a holding company owned by Tiborcz. BDPST's headquarters are also located in the same office building as the Equilor companies.
The 39-year-old husband of Orbán's daughter, Ráhel, Tiborcz, rose to prominence during his father-in-law's long rule, acquiring assets including Granit, luxury hotels, a golf club, restaurants, insurance companies, and commercial real estate. Forbes ranks him 13th on its list of Hungary's richest people, estimating his wealth at nearly $700 million.
A BDPST representative stated that the company and Tiborcz "comply with all applicable reporting and disclosure requirements regarding their business interests and activities." He added that, beyond publicly available information accessible through standard disclosure channels, the company has "nothing further to add."
Tiborcz's business interests, as the publication points out, were often the target of opposition attacks during Hungary's election campaign. Newly elected Prime Minister Péter Magyar stated that one of his first tasks would be to investigate the accumulation of wealth by individuals connected to the Orbán administration.
Last year, Tiborcz and his family announced their move to the US, where Ráhel planned to study. He has not appeared in public since the election, but previously dismissed accusations regarding his rapid capital growth as part of a campaign to discredit Orbán.
Szabó's comments, the publication writes, come as Hungarian corporate giants seek a fresh start after 16 years of Orbán's tight control over the $220 billion economy. Hungary's candidate for finance minister held talks with banks this week to begin rebuilding ties that were strained during the outgoing administration.
The EU has also withheld billions of euros in funding allocated to Hungary, citing concerns about corruption and the rule of law in his administration.