Hedge Fund Managers Win $254M Powerball Drawing

Nov 29 2011 | 11:18am ET

A trio of Connecticut hedge fund managers have won the biggest lottery jackpot in the history of the state.

The winnings—$254 million—are actually almost three times as much as the winners' firm, Belpointe Capital, boasts in assets under management. Even the after-tax payout of $104 million exceeds Greenwich-based Belpointe's assets, which stand at $82 million.

The winners claimed their Powerball jackpot yesterday, arriving at Connecticut lottery headquarters in a limousine.

"I have given away money to people of all walks of life, some employed and some not," Anne Noble, the lottery's president, told Bloomberg News. "There is one common theme, which is that they are all always happy to get the money."

The three winners, Belpoint co-founder Brandon Lacoff, Tim Davidson and Gregory Skidmore, bought a single $1 ticket at a Stamford gas station. They actually won in the Nov. 2 drawing but didn't come forward until yesterday. Skidmore is president and chief investment officer of the firm and Davidson a senior portfolio manager.

The money will be paid out to a trust the three set up, Putnam Avenue Family Trust. Some of the winnings will go to "philanthropic" causes in Connecticut, Noble told Bloomberg.

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