1% Art Loans For The 1%

1% Art Loans For The 1%

From Fa-mag.com

 

Being part of the 1 percent just took on new meaning.

That’s about the rate at which billionaire Steve Wynn is borrowing against his extensive art collection as wealth management firms push to win business from the world’s ultra-rich.

The casino mogul pledged 59 works of art as collateral for a loan from Bank of America Corp., one of several steps he recently took to raise cash, according to interviews and regulatory filings. The 73-year-old founder of Wynn Resorts Ltd. said the arrangements permit him to borrow at less than 1 percent.

“This is a great time to be poised with ample […] Read more

HedgeCo Vest  CTO Envisions High Line Style Park

HedgeCo Vest CTO Envisions High Line Style Park

From New Times

By Jess Swanson

Aaron Wormus is the chief technology officer of HedgeCo Vest, a hedge-fund company located on Clematis Street in downtown West Palm Beach. Every day on his way to workWormus passes a section of the old Florida East Coast railroad tracks and an overgrown area around it.Wormus, a father and husband, thought the community could use this land in so many ways. He imagined a linear park — like New York City’s High Line — with families going on walks, people exercising, and dogs playing on leashes.Wormus started speaking with other people, and they seemed just as frustrated […] Read more

Palm Beach Hedge Funder Donates $40 Million To MoMA

Palm Beach Hedge Funder Donates $40 Million To MoMA

MoMA Receives $40 Million Gift from Kenneth C. Griffin Charitable Fund

The Museum of Modern Art announced today that the Kenneth C. Griffin Charitable Fund, a fund created by Citadel Founder and CEO Kenneth Griffin, has made a gift of $40 million to MoMA. The gift is one of the largest that MoMA has received in its 85-year history.

[…] Read more

2016 Institutional Demand Expected To Drive Hedge Fund Inflows

2016 Institutional Demand Expected To Drive Hedge Fund Inflows

 

 

Institutional Demand Expected To Continue To Drive Flows Into Hedge Funds In 2016

From Value Walk

The question the industry faced entering 2015 is the same it faces entering 2016: Will institutional investors maintain their investments and continue to allocate more to hedge funds, and if so, at what rate? Our answer for 2015 was, “Yes. Barring a major financial market event, they will.However, if a major market event were to take place, then only the most defensive asset classes would gain new assets…”

Given the areas gaining assets in 2015 (multi-strategy, macro and managed futures, along with long/short equity), investor sentiment toward […] Read more

A Spectacular Evening With Rolls Royce Palm Beach!!

A Spectacular Evening With Rolls Royce Palm Beach!!

 

Our November event at The Addison in Boca Raton sponsored by Rolls Royce was the most spectacular yet!

The friends, food, drink, cars, and ambiance was truly world class.

Not only was the Palm Beach Hedge Fund Association honored to be one of the first groups to witness the unveiling of Rolls Royce’s latest model, The Dawn, the entire evening was full of entertainment and surprises.

Members from across the financial spectrum attended to build new friendships, make deals, and partake in a truly glorious evening. We were even graced with Miss United States Celine Pelofi.

The catered meal was tremendous with Rancher Justin Jackman […] Read more

PB Hedge Fundee Gets $2 Million Property Tax Bill

PB Hedge Fundee Gets $2 Million Property Tax Bill

From Palm Beach Daily News

By Darrell Hofheinz

Daily News Real Estate Writer

For the first time ever, an owner of a Palm Beach estate will pay more than $2 million in property taxes, thanks to the 2015 tax roll recently certified by the state.

Luckily for him, the fellow involved has deep pockets. It’s Chicago hedge-funder Ken Griffin, who owns 9.3 acres on the South End’s Billionaires Row and whose worth is estimated by Forbes at $3.1 billion.

Griffin is among at least 39 Palm Beach property owners who have been billed more than $500,000 each for their 2015 taxes, according […] Read more

A Few Photos From Our Ferrari Drive & Ride Party!!

A Few Photos From Our Ferrari Drive & Ride Party!!

Thank you for attending our deal making social at Palm Beach Ferrari.

It was great chatting with many of you again and meeting new faces.

I know that several deals and multiple constructive business relationships were launched. Not to mention numerous new and old friendships kindled.

Together we can turn Palm Beach County and South Florida into the global financial hub it is meant to be.

I truly hope you gained as much value, as well as just pure pleasure, from networking with your peers, driving the stable of Ferraris, and enjoying the amazing appetizers and drinks from PB Catch(the seafood was out of […] Read more

Ken Griffin Buys A Castle In The Sky

From Miami Herald BY NICHOLAS NEHAMAS

The buyer who shattered local real estate records by buying a $60 million Miami Beach penthouse late last month is South Florida-born hedge fund billionaire Kenneth Griffin, according to a report in The New York Times.

The Times reported that “people familiar with the deal” said Griffin, the founder and CEO of Chicago-based hedge fund Citadel, bought the eight-bedroom penthouse at Faena Housein Mid-Beach for $4,794 per square foot.

Kenneth Griffin. Associated Press

Griffin grew up in Boca Raton and attended Boca Raton Community High School, according to a profile in Chicago Magazine.

Read more here: http://www.miamiherald.com/news/business/real-estate-news/article38073297.html#storylink=cpy
[…] Read more

Congratulations!! Bristol Scores All Time West Palm Sales Record

 

 

Congratulations Chris Leavitt!!

 

 

Two condos at a yet-to-be-built tower along the Intracoastal Waterway in West Palm Beach are under contract for nearly $15 million each, which would set a price record if they close.

The penthouse units are on the 25th floor of the Bristol Palm Beach condo project, says Chris Leavitt, director of sales for the ritzy condo and an agent at Douglas Elliman. One is under contract for $14.99 million, the other for $14.7 million.

The units average $2,306 per square foot, a high-water mark for West Palm Beach condos.

The Bristol, at 1100 S. Flagler Drive, is scheduled to begin construction […] Read more