Sunday, 24 May 2015
Last updated 1 day ago
Dec 14 2006 | 11:12am ET
Bear Stearns didn’t have quite the fourth quarter, or fiscal year, that Goldman Sachs did. Neither did anyone else, for that matter. But at least Bear’s hedge funds are heading in the right direction – north.
The Wall Street giant reported a 38% jump in net income in the fourth quarter to $563 million on a 28% surge in net revenues to $2.4 billion. For the full year ending Nov. 30, net income rose some 40% to $2.1 billion, a record for the firm, and revenues jumped by a quarter to $9.2 billion. In comparison, Goldman’s profits substantially skyrocketed 70% during the same period to $9.5 billion.
But whereas Goldman saw performance fees from its hedge funds plummet almost 80%, thanks to negative returns, including in its $10 billion Global Alpha flagship, Bear attributed the 66% jump in asset management revenues during the fourth quarter to an increase in hedge fund performance fees. It also said that the 45% jump for the full year was the result of both huge inflows of money into its alternative investment products, as well as the performance fees.
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…