Hedge Fund Buys Out Mets Owners

Oct 16 2013 | 11:01am ET

The owners of the New York Mets, among the largest victims of the Bernard Madoff Ponzi scheme, are out of the hedge fund business.

Fred Wilpon and Saul Katz have sold their stakes in Sterling Stamos Capital Management to firm founder Peter Stamos. Stamos has also reacquired Bank of America Merrill Lynch's 50% non-controlling stake, which the bank bought in 2007.

Terms of the deal were not disclosed.

Wilpon and Katz seeded Sterling Stamos, which has been renamed Stamos Capital Partners, in 2002, with Merrill coming on board to market the firm's funds in 2004. The Mets owners will remain investors in the hedge fund.

"BofA is getting rid of all these peripheral operations," Julian Rundle, chief investment officer at Dorset Management, told Bloomberg News. "Stamos himself probably figured this was an attractive time" to buy out his partners.

"We believe that it is in the best interest of our funds, fund investors and managed-account clients for the firm's management team to own a significant majority of the firm's equity," Stamos said in a Sept. 17 regulatory filing. "Although we have had a long relationship with each of the departing investors," the change will "not affect how we manage the investment of the funds."

Stamos, a former chief of staff to former U.S. Senator and presidential candidate Bill Bradley, worked at McKinsey & Co. before teaming up with Wilpon and Katz.


In Depth

High Time For A Cannabis Hedge Fund?

Sep 30 2014 | 7:07am ET

Launching a hedge fund is always a gamble, but Leslie Bocskor's decision to launch...

Lifestyle

Griffin Donates $1M To Rauner's Illinois Gov. Campaign

Sep 22 2014 | 9:29am ET

Hedge fund billionaire Kenneth Griffin definitely has a dog in this fight. The Citadel...

Guest Contributor

Appraisal Ratio Key To Evaluating Hedge Funds And Other New Investments

Sep 29 2014 | 3:07pm ET

As a former finance professor Peter Hecht experiences heartburn every time he hears...

 

Videos

Editor's Note

    Must Attend Hedge Fund Charity Events For October

    Sep 30 2014 | 9:29am ET

    The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…

 

Futures Magazine

September 2014 Cover

High frequency market making

High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.