Tuesday, 5 May 2015
Last updated 28 min ago
Apr 19 2013 | 1:22pm ET
Having harried Third Point's Daniel Loeb from a scheduled appearance at an institutional investors conference, the American Federation of Teachers is broadening its focus.
The teachers' union yesterday released a list of 33 investment managers with directors, managers, advisers or executives linked to three organizations the AFT says seeks to end defined-benefit pension plans for teachers and other public employees.
In addition to Third Point, the watch list includes such heavy hitters as Appaloosa Management, AQR Capital Management, Elliott Management, Icahn Enterprises, Kohlberg Kravis Roberts, SAC Capital Advisors, Tiger Global Management and Tudor Investment Corp.
The three organizations cited as opposed to defined-benefit plans are the Manhattan Institute, the Show-Me Institute and StudentsFirst.
"The retirement security of working families is under attack as never before," the AFT wrote. "Public sector defined benefit plans have repeatedly been attacked by right-wing think tanks and political committees. While much of the money flowing to these organizations remains unreported, many of the organizations attacking defined benefit plans are funded by hedge fund and private equity managers, some of whom solicit investments from public sector pension plans. These fund managers are all too eager to seek investments from the deferred wages of teachers, firefighters and other public servants, while simultaneously attacking their economic interests."
The AFT promised to continue to update the watch list, and offered pensions advice on how to exclude such managers without violating their fiduciary duties.
Other firms making the AFT's watch list were Anthos Capital, Browfields Capital, Clayton Capital Partners, Cohen Kilngenstein, Court Square Capital Partners, Dimensional Fund Advisors, Donald Smith & Co., Eagle Capital Management, Gilder Gagnon Howe & Co., HPB Associates, Invemed Associates, J. Fitzgibbons, K2 Advisors, Khronos, Kiernan Ventures, Kingdon Capital Management, Mason Capital Management, Pennant Capital, Pergamon Advisors, Prescott Advisors, SLX Capital Management, Stone-Kaplan Investments and VenRock.
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…