In 1977 , with a convertible arbitrage '' winning formula '' , Singer founded the hedge fund Elliott Associates L.P. with $ 1.3 million from various friends and family members .
In 1977 , with a convertible arbitrage '' winning formula '' , Singer left law to create his own investment company . 
 He founded the hedge fund Elliott Associates L.P. with $ 1.3 million in seed capital from various friends and family members .