Currency Exchange and Business
It is unclear how McManus accumulated his vast wealth and what his expertise is but a significant part of his wealth, though not all, is inferred to have been derived as a private foreign exchange trader which he oversees from his office in Geneva, Switzerland, his official residence. He also has a permanent suite at London's Dorchester Hotel. He returns to Ireland regularly. Currencies are apparently his speciality and his bets on currencies are bank-scale, always working on the advice of his good friends Dermot Desmond and Joe Lewis. He is featured in "High Rollers of the Turf", by Raymond Smith. He now has a wide portfolio of investments from leisure centres and betting shops to pubs and nursing homes. He is a large shareholder in Ladbrokes.
Together with business associate John Magnier he built up a 28.89 per cent shareholding in Manchester United F.C., which they sold on to businessman Malcolm Glazer. In 2004, McManus set up 'Sporting Limerick' which sponsors Limerick GAA teams.
He is also a keen golfer and a close friend of Tiger Woods who got married at the Sandy Lane (resort) Hotel in Barbados, which he co-owns. The wedding at Sandy Lane was a gift from the owners of Sandy Lane to Woods.
An avid golfer, he routinely competes in Pro-Am events. He is a two-time winner of the Alfred Dunhill Links Championship pro-am pairs competition, partnering with Padraig Harrington on both occasions.
Read more about this topic: J. P. Mc Manus
Famous quotes containing the words currency, exchange and/or business:
“One of the reforms to be carried out during the incoming administration is a change in our monetary and banking laws, so as to secure greater elasticity in the forms of currency available for trade and to prevent the limitations of law from operating to increase the embarrassment of a financial panic.”
—William Howard Taft (1857–1930)
“Ants are so much like human beings as to be an embarrassment. They farm fungi, raise aphids as livestock, launch armies into war, use chemical sprays to alarm and confuse enemies, capture slaves, engage in child labor, exchange information ceaselessly. They do everything but watch television.”
—Lewis Thomas (b. 1913)
“Our business is to have great credit and to use it little.”
—Thomas Jefferson (1743–1826)