June 6, 2003 |
Three women who are veterans of the financial services industry announced yesterday the formation of NewMarket Capital Partners L.L.C., an investment company in Philadelphia that will manage two new hedge funds. NewMarket is managing the funds for CMS Cos., a Philadelphia investment company that helps entrepreneurs manage their money. Patricia Young, Diana Wagner and Mindy Posoff are the founders of the new hedge funds. "We think it's a great time to launch NewMarket Capital Partners because it's anticipated that over $2 trillion will be invested in hedge funds in the next five to seven years," said Young, 48, the company's chief investment officer.
March 15, 2004 |
How rich would you be if you could spend every dollar twice? If you could buy a home on the Main Line - and get a Shore house thrown in for free? If your next slot-machine pull came with a complimentary lottery ticket - and both won? That's something like what Pennsylvania achieved last year with a chunk of its $24 billion state workers' pension system. In late 2002, the State Employees' Retirement System invested $2.3 billion in scores of unregulated investment pools called hedge funds, then set up Wall Street trading arrangements - "equity swaps" - to buy the future gains or losses of a similar-size investment in the Standard & Poor's 500 stock index.
September 23, 2006 |
Philadelphia's pension fund has spread its bets - just in time to take a small hit on the latest hedge-fund blowup. Four of the eight hedge-fund-management firms that the City of Philadelphia's pension board hired in the last year invested a total of $8 million in Amaranth Advisors L.P. Connecticut-based Amaranth warned clients this week that it may have lost 65 percent of its $9 billion in customers' investments due to bad bets on the price of...
April 25, 2004 |
Two for you, One for me . . .. Pennsylvania hasn't gotten rich yet from its $5 billion investment in hedge funds. But the hedge funds have. For every dollar they made for the state pension plan last year, hedge-fund operators collected more than 50 cents in fees, says a report filed with the Securities and Exchange Commission by the manager of 55 of the plan's 183 hedge investments. That compares with less than 3 cents in fees for every dollar produced by the pension system's $20 billion in other investments (such as stocks)
April 14, 1994 |
Hedge funds, the unregulated investment pools that may have worsened the stock and bond plunge of February and March, need more study - but probably not new legislation, federal regulators testified yesterday. Hedge funds are not currently subject to federal regulations because they have fewer than 100 investors, generally wealthy individuals and instititions. Typically, they use investors' contributions as a base for large loans that can then be invested in securities and currency markets worldwide.
March 13, 2016 |
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.
July 21, 2013 |
WASHINGTON - The Securities and Exchange Commission filed civil charges Friday against Steven A. Cohen, accusing the billionaire hedge-fund manager of failing to prevent insider trading at the fund he founded. Cohen founded and runs SAC Capital Advisors. The government has called the case one of the biggest insider-trading fraud cases in history. The SEC said Cohen failed to supervise two senior employees of SAC and prevent them from illegal insider trading. As a result of illegal trades by Cohen's hedge funds, the funds reaped profits and avoided losses of more than $275 million, the SEC said.
January 26, 2016 |
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.
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.
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.