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Hedge Fund

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NEWS
September 11, 2007 | By Andy Borowitz
Demanding further intervention from the Federal Reserve to protect their endangered fortunes, thousands of the nation's leading hedge-fund managers marched on Washington today. Dubbed "The Million Mercedes March," the protest was said to be the largest chauffeur-driven demonstration in the capital's history. Limousines started jamming the streets of Washington at approximately 10 in the morning as irate hedge-fund owners converged on the Federal Reserve building to demand stronger action to protect their imperiled riches.
BUSINESS
July 15, 2011 | By Jane M. Von Bergen, Inquirer Staff Writer
The Journal Register Co., which publishes a number of area newspapers, has been sold to a hedge fund with offices in New York, Dallas, Mumbai, and Dubai. Terms of the deal were not disclosed. The purchaser, Alden Global Capital, was an investor in the Journal Register Co., based in Yardley, when it emerged from bankruptcy in July 2009. Alden Global Capital also owns a "significant stake" in Philadelphia Media Network Inc., according to Greg Osberg, publisher and chief executive officer of The Inquirer, the Philadelphia Daily News, and Philly.com.
NEWS
December 5, 2015 | By Jessica Parks, Inquirer Staff Writer
A former Montgomery County hedge fund has agreed to pay $6.8 million in fines and restitution in a fraud settlement with the U.S. Securities and Exchange Commission. The SEC said Covenant Partners' two owners, William B. Fretz Jr. and John P. Freeman, raised millions of dollars from 1999 to 2014, mostly from their family and friends. "Rather than investing the money as promised," the SEC wrote, "they funneled more than $1 million to [a business of theirs that was failing], paid themselves nearly $600,000 in performance fees they had not earned, and used fund assets to repay personal obligations.
BUSINESS
February 14, 2014 | By Erin E. Arvedlund, Inquirer Columnist
What is the main difference between a mutual fund and a hedge fund? These days, the goodies inside the portfolios are strikingly similar. The only difference might be the wrapping paper. For instance, which is riskier? A hedge fund holding hundreds of diversified stocks, or a mutual fund such as the popular Fairholme Fund (symbol: FAIRX), which has about 40 percent in one stock - the recovering insurer AIG? An investor's aptitude for risk should be the result of analysis. To navigate the increasingly blurred lines between mutual funds and hedge funds, we checked in with Brian Portnoy, whom I first interviewed a decade ago when he was a mutual fund analyst for the Morningstar Inc. database.
NEWS
September 27, 2012 | By Sam Wood, INQUIRER STAFF WRITER
The former CEO of a hedge fund set up for the "little guys" and "moms and pops" admitted today that he conspired with others to swindle those same "little guys" of more than $4 million. Michael J. Spak, 44, of Burlington County, ran the Osiris Fund which convinced 75 people to invest $12 million from June 2009 through November 2011, according to court documents. Though Spak and his associates had promised to take no more than 3 percent fee, they spent $300,000 to buy the "Fintastic," a luxury sportfishing boat, and fraudulently diverted another $4 million, according to U.S. Attorney Paul J. Fishman.
NEWS
February 8, 2013 | By Sam Wood, PHILLY.COM
The founder of several hedge funds, already serving 10 years in a German prison for defrauding investors of nearly $500 million, is now facing similar charges in Philadelphia. Helmut Kiener, 53, controlled a number of hedgefunds including K1 Global Limited, Oceanus, Mezzanine and K1 Invest. According to federal prosecutors, Kiener misappropriated $311 million in an elaborate Ponzi scheme that he used to pay for a luxurious lifestyle. Among Kiener's alleged victims: Bear Stearns which lost $82 million to Kiener for three years until the financial institution went belly up in 2008; Barclays Bank which lost $137 million and BNP Paribas which lost $13.4 million.
BUSINESS
May 23, 2004 | By Joseph N. DiStefano INQUIRER STAFF WRITER
The New Jersey Pine Barrens aren't known as a financial center. But a hedge fund based in a Medford home enjoyed a brief and improbable reign atop lists of the nation's best-performing investments this year, before regulators and a federal judge in Camden shut it down. Shasta Capital Associates' claims of double-your-money yearly profit evaporated last month when the federal Commodity Futures Trading Commission won a court order from Judge Robert B. Kugler to freeze its assets and suspend its operations.
BUSINESS
January 23, 2004 | By Joseph N. DiStefano INQUIRER STAFF WRITER
Does money grow best in the dark? At a time when securities cops and small investors are demanding more accountability in the financial markets, Pennsylvania's state pension fund is following some other big institutions in hiring unregulated investment managers whose methods are deliberately obscure. The $24 billion State Employees' Retirement System is moving billions from familiar, transparent, government-regulated stock-index funds to hedge funds, whose managers do not have to report what they do with clients' cash.
BUSINESS
May 13, 2003 | By Wendy Tanaka INQUIRER STAFF WRITER
Investors who have been hurt by the stock market have searched for anything that has been making money during the last three years. For some, the answer has been hedge funds - high-risk, largely unregulated investment pools. Indeed, hedge funds gained an average of 11.2 percent annually in value the last five years, while stock mutual funds lost 1.2 percent in the same period, according to data from Van Hedge Fund Advisors Inc. Since 1990, the hedge-fund industry has grown more than 600 percent after adjusting for inflation, from $92 billion in assets to $650 billion, Van Hedge Fund Advisors estimated.
BUSINESS
December 2, 2005 | FROM INQUIRER WIRE SERVICES
Millennium Partners L.P., a $5 billion hedge-fund company accused of improper mutual-fund trading, will repay $121.4 million in "ill-gotten revenues" under an agreement with New York and federal authorities, New York Attorney General Eliot Spitzer said yesterday. In addition, Millennium's founder, Israel Englander, 57, will pay $30 million, and two management companies will pay a total of $26.6 million. The combined $178 million will go to mutual-fund shareholders. "It dwarfs the size of any disgorgement I've ever seen in the hedge-fund arena," said Scott Berman, an attorney at Friedman Kaplan Seiler & Adelman L.L.P.
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ARTICLES BY DATE
BUSINESS
March 13, 2016 | By Joseph N. DiStefano, Staff Writer
The $52-billion-asset Pennsylvania Public School Employees' Retirement System lost money last year, trailing the performance of the Pennsylvania and New Jersey state worker pension investment returns for 2015, according to a report the system released Friday. PSERS reported losing 1.8 percent for the 12 months ended Dec. 31. SERS , the Pennsylvania state workers' fund, last month reported a gain of 0.5 percent for 2015. NJDI , the New Jersey Division of Investment, reported a gain of 0.6 percent.
BUSINESS
March 8, 2016 | By Joseph N. DiStefano, Staff Writer
It's not enough that hedge fund managers have lately pushed DuPont, Pep Boys, Mondelez (Nabisco), and other big old-line Philadelphia-area employers to sell, slim, or shut operations here. The hedgies are now chasing the region's handful of successful tech companies. Qlik Technologies, a Radnor-based, 2,000-worker data-visualization software company that helps clients sort masses of customer data, has been targeted by veteran corporate raider Paul Singer's Elliott Management Corp.
BUSINESS
March 7, 2016
Wharton alum Michael Steinhardt ran a hedge fund, Steinhardt Partners L.P., for 29 years and financed his philanthropic efforts through it. Ahead of a speech here Wednesday, we asked him about retirement, his support of Jewish life, and his views on the markets today. "It all started at my bar mitzvah . My father divorced my mom. He came around when I turned 13 and gave me shares of two different companies. He said, 'Here, this is your present.' It was $5,300 worth of shares in two companies - Penn Dixie Cement and Columbia Gas. From that point on, I was totally involved in the markets.
BUSINESS
March 1, 2016
When the Philadelphia Board of Pensions and Retirement hired Apollo Global Management to invest tens of millions of dollars in junk bonds in 2013, the fund's overseers said they were making a careful bet. Sure, the bond issuers were risky-looking private companies. But the city could collect interest they paid as cash each year, unlike with most hedge funds and "alternative assets. " Apollo's founders include Josh Harris , lead owner of the NBA's woeful 76ers . Which inspired the inevitable cracks about the woefully underfunded pension system needing a rebuilding year.
NEWS
February 10, 2016
By Jim Lardner and Michael Kink Presidential candidates from Bernie Sanders to Donald Trump have condemned their tax-dodging. Investors have deplored their outlandish fees and poor returns. Showtime has made one of them the arch-villain of its new series Billions . Hedge-fund managers are finally getting the scrutiny they deserve for a range of shadowy practices that cannibalize the real economy and aggravate the problem of extreme and growing economic inequality. In theory, hedge funds are a way for wealthy and sophisticated investors to place high-risk bets in search of above-market returns.
NEWS
February 10, 2016
By Shawn McCoy Hillary Clinton, Bernie Sanders, and Donald Trump have little in common, but they have one point of agreement: to make hedge funds the political punching bag of 2016. Democratic socialist Sanders offers an "average folk vs. hedge-fund manager" dichotomy at his rallies. Republican Trump claims, "The hedge-fund guys are getting away with murder. They make a fortune, they pay no tax. It's ridiculous, OK?" Democrat Clinton, whose daughter is married to a hedge-fund manager, complains, "There's something wrong when hedge-fund managers pay less in taxes than nurses or the truckers I saw on I-80.
NEWS
January 27, 2016
By Dean Baker According to their acolytes, the rich are great innovators and job creators. But they haven't lived up to that billing in this century, as both job growth and overall economic growth have been extraordinarily weak since 2000. If their benefit to the economy is in doubt, no one can dispute that the wealthy are world-class tax avoiders. The New York Times recently reported that the country's 400 wealthiest families paid an average of just 17 percent of their income in taxes.
BUSINESS
January 26, 2016 | By Erin Arvedlund, Staff Writer
Roughly 15 years ago, I wrote an article about a notable Wall Street figure and his secretive investment fund that never, ever lost money. His name was Bernard Madoff. The dot.com bubble had just burst, yet Madoff's hedge fund earned 10 percent that year, without missing a beat. In May 2001, I wrote about some red flags surrounding Madoff's hedge fund: eerily consistent returns and no losing years even when the stock market crashed, no due diligence allowed by investors, no independent brokerage statements, and odd threats that investors could not return to the fund once they had cashed out. Madoff himself gave me a brief interview by phone, then metaphorically patted me on the head and told me to go away.
NEWS
December 5, 2015 | By Jessica Parks, Inquirer Staff Writer
A former Montgomery County hedge fund has agreed to pay $6.8 million in fines and restitution in a fraud settlement with the U.S. Securities and Exchange Commission. The SEC said Covenant Partners' two owners, William B. Fretz Jr. and John P. Freeman, raised millions of dollars from 1999 to 2014, mostly from their family and friends. "Rather than investing the money as promised," the SEC wrote, "they funneled more than $1 million to [a business of theirs that was failing], paid themselves nearly $600,000 in performance fees they had not earned, and used fund assets to repay personal obligations.
NEWS
August 2, 2015 | By Andrew Seidman and Jonathan Lai, Inquirer Staff Writers
The super PAC backing Gov. Christie's presidential candidacy disclosed its list of donors to federal regulators Friday, offering the first detailed glimpse of his national network of financial backers. Among the donors are members of the Christie campaign's national finance team, such as hedge-fund billionaire Steven A. Cohen and Home Depot cofounder Kenneth G. Langone. Other contributors include New Jersey firms that have been awarded a total of more than $100 million in state contracts.
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