Monday, 27 April 2015
Last updated 7 hours ago
Nov 25 2008 | 3:12am ET
Robert Preston, a former portfolio manager at Merrill Lynch, recently launched a hedge fund focusing on companies working on clean technologies and energy delivery efficiencies.
Specifically, the Craigmillar Equity Fund concentrates on companies that are benefiting from the long-term energy de-carbonization trends. The firm believes that density consideration has been the driving force of energy evolution, affecting all sectors of the economy.
“Coal is easier to store than cords of wood,” it said. “Oil, by truck, was easier to move than coal by rail. Gas can be shipped to homes by pipe. A wire is smaller than a pipe.”
The fund, which launched in July, has suffered along with the rest of the industry this year, dropping some 20% since inception, according to public databases. It charges a 2% management fee and a 20% incentive fee and a $250,000 minimum investment requirement.
Prior to Merrill Lynch, Preston also held senior positions with other large financial firms including Paine Webber, L.F. Rothschild, Union Bank of California and Nomura.
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…