Sunday, 1 March 2015
Last updated 2 days 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.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…