Monday, 30 March 2015
Last updated 2 days ago
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.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
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…