Saturday, 25 October 2014
Last updated 19 hours ago
Oct 19 2011 | 9:37am ET
Former hedge fund manager Michael Steinhardt has pledged works from the art collection on which he's spent an estimated $200 million to secure funding for a real estate deal.
The hedge fund pioneer and his wife pledged 20 paintings and drawings, including five Picassos and one Jackson Pollock, as collateral for a loan from JPMorgan Chase Bank NA, according to New York state records.
Steinhardt founded the hedge fund Steinhardt, Fine, Berkowitz & Co. in 1967; it became Steinhardt Partners in 1979 with the departures of Fine and Berkowitz.
Steinhardt’s son David told Bloomberg the loan is related to an investment in the former American Stock Exchange building, which Steinhardt bought earlier this year.
“We had the opportunity to get some very cheap borrowing,” said the younger Steinhardt.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
David and James Hamman launched their fundamental Livestock and Grains Program in March of 2010 but it really was decades in the making.