Tuesday, 23 September 2014
Last updated 2 hours ago
May 3 2013 | 9:37am ET
A New York hedge fund is California's biggest-spending lobbyist—and by a wide margin. Or it's not; it depends on who you ask.
California's Secretary of State said that Arrowgrass Capital Partners spent $2.2 million on three lobbyists, more than double the second-biggest spender, the Western States Petroleum Association, Sacramento's reigning lobbying king. The secretary's office said those three employees are placement agents.
Arrowgrass begs to differ, noting that the three are actually in-house employees and not outside placement agents, and that its status as the state's richest lobbyer is due to an error.
"We're not really lobbyists but we get caught by the California lobbyist law," Stephen Ellwood, the hedge fund's chief compliance officer, told the Sacramento Bee. But, he added, "our first-quarter filing contains a manifest error which we are working to correct."
Ellwood said that, once the correction has been made, Arrowgrass will fall out of the top 20 lobbyists in California, meaning it spent less than $268,080 lobbying in the state in the first quarter.
Sep 22 2014 | 4:15pm ET
I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitich, CIO of Petty Endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.