Sunday, 3 May 2015
Last updated 2 days ago
Jan 5 2011 | 9:46am ET
David Tepper understands that there can be too much of a good thing.
The Appaloosa Management chief has allowed some of his investors to redeem early, prior to the expiration of the Thoroughbred Fund’s three-year lockup. For a fee, of course.
Tepper said that some institutional investors had asked to redeem some of their shares after the fund nearly doubled in value in 2009 and returned another 22% last year, leaving their hedge fund allocation out of whack.
“We have become so big for people’s baskets,” Tepper told The New York Times. “If your investor base has a problem—in this case it was a good problem—we try to accommodate them. Your investors are your customers after all.”
Tepper said Appaloosa was “being nice,” but wasn’t being entirely magnanimous: The firm offered space in the fund to investors in its Appaloosa and Palomina funds, and quickly found money to replace that being redeemed. And redeeming investors will pay a fee for getting their freedom a year earlier, which will be paid to remaining investors.
Throroughbred has about $3 billion in assets under management.
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…