Wednesday, 27 May 2015
Last updated 54 min ago
Sep 10 2009 | 8:57am ET
For the most part a bust since their much-ballyhooed initial public offerings, a trio of publicly-traded alternative investment firms is getting a boost from the bounce-back year for hedge funds and private equity firms.
Barclays Capital upgraded Blackstone Group, Fortress Investment Group and Och-Ziff Capital Management yesterday. The former was upgraded to equal weight from underweight, and the latter two to overweight from equal weight.
“Our preference for the alternative managers is a function of discounted valuations relative to the traditional managers (even adjusted for lower fair value multiples applied to performance fees), a higher upward earnings bias of the next couple of years from meaningful performance fees coming back into the earnings stream due to stronger-than-expected year-to-date performance, and renewed inflows following the cessation of the redemption cycle,” analyst Roger Freeman wrote in a note to investors.
All three of the firms rallied following the upgrades.
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…