September 18, 2014 |
An investigation into an unsuccessful investment by the Pennsylvania State Employees' Retirement System (SERS) has "found no evidence of illegality" by Anthony Clark, the system's former chief investment officer, who persuaded the system to pump $250 million into Tiger Management Advisors as the first step in a planned hedge fund strategy. "Whether Clark intentionally misled the board by seeking to conceal Tiger's poor performance is open to question," the investigator, former acting state attorney general Walter Cohen, added in his two-page note to the board summarizing his findings.
September 15, 2014 |
A memorial service will be held Saturday, Oct. 11, for Alan Crawford Jr., 88, an investment adviser, conservationist, and civic leader, who died Saturday, Aug. 23, at his home, Little Brook Farm in Devon. The cause of death was respiratory failure. Before retiring in 1986, Mr. Crawford was the managing partner of the Philadelphia office of Brown Brothers Harriman & Co., a private bank headquartered in New York City. He joined the firm in 1957 and was made partner in 1974. Prior to that, he worked at Stroud & Co., an investment company in Philadelphia.
September 5, 2014 |
MEXICO CITY - Gov. Christie flew south of the border Wednesday to pitch the Garden State to a country that is one of its largest trading partners. But by meeting with diplomatic officials, addressing Mexican business leaders, and delivering a policy speech focused on North American energy markets, Christie also presented himself as a leader on a stage larger than New Jersey. The Republican governor, who is considering a run for president in 2016, launched a three-day trade mission in Mexico that he said was intended to strengthen existing ties between New Jersey and the Latin American country that is its second-largest export partner.
August 14, 2014 |
Daniel Kline loves Philadelphia. But he's not putting his fund's millions to work at home. "The city has so many great reasons for people to want to rent and live here," says Kline, who named his real estate investment firm Delancey Street Capital after one of Society Hill's premier residential addresses. "I grew up here, went to [Wharton] here, learned the business from Mitch Morgan here," at Morgan Properties Inc. , the King of Prussia company that used the latest recession as a massive apartment-buying opportunity.
August 12, 2014 |
In general, "free lunch" investment presentations can be risky. Many are geared to push products, like annuities, that may not be suitable for retail investors. Here are some alternatives for educating ourselves on investing. BetterInvesting's Philadelphia chapter is open to the public and free to attend. The next meeting is Sept. 13 at the Montgomery County-Norristown Public Library in Norristown. The club's purpose is to educate members and invest club assets in common stock for the financial benefit of the partners.
July 31, 2014 |
California-based Macerich Co., which owns 55 U.S. shopping centers including the Deptford Mall, will invest $106.8 million in a joint venture to redevelop the Gallery at Market East and offer "accessible luxury retailing" there, Pennsylvania Real Estate Investment Trust, owner of the 1.4 million-square-foot Center City shopping complex, said Tuesday. Century 21, a New York fashion chain, is remodeling space in the former Strawbridge & Clothier flagship store at the east end of the Gallery at Eighth and Market Streets, with an October opening planned that PREIT has said will help anchor the mall's renovation.
July 22, 2014 |
Looking for some sleazy beach reading? Here's a tale of a whole family ripping off investors: Bernie Madoff and his sons are back in the news. More precisely, surviving son Andrew Madoff and deceased son Mark Madoff's estate have been sued, yet again, by a court-appointed trustee for over $150 million. They are accused of stealing directly from accounts of their clients, faking trades, deleting incriminating e-mails, and taking fake "loans" from the family business. I've long argued that Bernie Madoff's crime was too complicated to do alone, and earlier this year, five of his former employees were found guilty of helping him - they now face prison sentences.
July 8, 2014 |
Inflation is making a comeback - although the Federal Reserve doesn't think so - prompting us to determine how we might hedge against it, or benefit from rising prices. Witness higher prices everywhere: at the grocery for meat and coffee, at the gasoline pump, rents, even health care. Invest in companies that benefit from rising prices, such as exchange-traded funds Market Vectors Agribusiness ETF (MOO) that correspond to the price and yield of the Market Vectors Global Agribusiness Index.
May 31, 2014 |
The underfunded Pennsylvania Public School Employees Retirement System has deleted contracts with "alternative investment" funds - that invest billions of dollars in teachers' retirement money - from the website of the state's Treasury Department . The decision to no longer make the contracts available for public scrutiny was confirmed Thursday by Evelyn Tatkovski , a spokeswoman for PSERS. I had asked PSERS about claims by Susan Webber , the New York financial consultant who runs the caustic website NakedCapitalism.com , that the posted documents had created a "Snowden moment.
May 30, 2014 |
The New Jersey Treasury Department's chief auditor is reviewing whether it violated the state's pay-to-play restrictions when it invested $15 million with a venture-capital firm tied to a Massachusetts gubernatorial candidate who had donated to the New Jersey Republican State Committee months earlier. The review was disclosed as New Jersey's State Investment Council met Wednesday to consider new "alternative investments" for the state's $76.76 billion pension fund. Charles Baker, an executive-in-residence at General Catalyst Partners, who is vying for the GOP nomination in Massachusetts' governor's race, contributed $10,000 to the New Jersey GOP in May 2011.