Monday, 4 May 2015
Last updated 5 hours ago
Sep 24 2010 | 11:49am ET
Activist hedge fund Breeden Capital Management has been fired by a New York City pension fund.
The $36 billion Employees' Retirement System voted to redeem its investment from the Greenwich, Conn.-based firm in May, Bloomberg News reports. Breeden, founded by former Securities and Exchange Commission Chairman Richard Breeden, is at least the sixth money manager canned by the Big Apple system this year, after newly-elected Comptroller John Liu launched a review of the city’s five public pension funds.
Breeden has managed money for the ERS for about two years, losing about $3.2 million of the $136.5 million invested with it. The pension has paid Breeden $6.2 million in fees for the privilege.
It will take as long as two years to redeem the Breeden investment, during which time Breeden will remain one of the pension fund’s managers.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…