Friday, 27 November 2015
Last updated 1 day 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.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…