Saturday, 28 March 2015
Last updated 20 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.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
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…