Launched in 1977, Elliott Management Corp. is one of the oldest hedge fund firms in the world under continuous management. Though Elliott's investment style is distressed, the firm is best known for its highly contentious activist battles. Founder Paul Singer is a tenacious adversary who is not afraid to fight battles, often using the legal system. In 2013 the highly secretive New York–based firm made headlines after boosting its activist positions, including with oil company Hess Corp., and engaging in a drawn-out battle with Argentina over sovereign debt payments. Elliott won the Hess battle, leading to gains…