Palm Beach Hedgee Gives Villanova $22.6 Million

Palm Beach Hedgee Gives Villanova $22.6 Million

This article from the Palm Beach Daily News outlines the outsized gift Palm Beach Hedge Funder Bill Finneran gave to his alma mater, Villanova University.  Having lived in Villanova PA and having special ties to the university, I am very grateful for Mr. Finneran’s generous gift.  I am thrilled to have him as a Palm Beach neighbor and a member of the hedge fund community.  Thank you, Bill!!

By Shannon Donnelly

Daily News Society Editor

After the swiiish comes the ka-ching.

A $22.6 million gift from a resident will upgrade NCAAchampion Villanova University’s basketball pavilion into a world-class facility. It […] Read more

Photos From PBHFA’s Spectacular Spring Social!!

Photos From PBHFA’s Spectacular Spring Social!!

Our spring meet & greet deal making social held at Palm Beach’s iconic Tideline Ocean Resort & Spa was a tremendous success.  Deal makers, hedge fund pros, traders, academics and economists mingled with investors and sponsors.

We were fortunate to be graced by MarketWizard Linda Bradford Raschke and her husband Damon.  Damon held court with stories of his years being a floor broker on the CME for such luminaries as Lous Bacon and Palm Beach’s Paul Tudor Jones.  It was absolutely fascinating to say the least!

Deals were discussed, strategies formulated and many new friendships were forged among South Florida’s leading alternative […] Read more

Tudor Investments Hit With Heavy Redemptions

Tudor Investments Hit With Heavy Redemptions

Bloomberg reports that

Tudor Investment Corp. clients have asked to pull more than $1 billion from the hedge fund firm founded by billionaire Paul Tudor Jones after three years of lackluster returns.

The investor redemption requests were made in recent weeks, according to two people with knowledge of the matter, and follow the exit of several money managers, some of whom spent decades at the firm. Another senior executive, Richard Puma, Tudor’s deputy chief operating officer, is planning to leave, the people said.

The withdrawals mark a setback for the $13 billion firm, one of the oldest and well regarded in the industry. […] Read more

Steve Cohen Donates $275 Million For Veteran’s Health Care

Steve Cohen Donates $275 Million For Veteran’s Health Care

Point 72 frontman and art collector extraordinaire recently launched the Cohen Veteran Network.  The non-profit will be opening between 20 and 25 clinics across the U.S. over the next three to five years, an effort that will cost Cohen $275 million.

Steve was inspired by his son, a Gulf War veteran, whom he credits with opening his eyes to the plight of  U.S. military veterans.

We congratulate Mr. Cohen on this selfless and much-needed project!

 

[…] Read more

25 Billionaires Call Palm Beach Home

25 Billionaires Call Palm Beach Home

As if hedge funds needed another reason to relocate to Palm Beach!  According to Forbes 2016 list of the world’s billionaires, 25 call the tiny island of Palm Beach home.  Talk about a massive concentration of wealth!

Here is a list compiled by the Palm Beach Daily New‘s Darrell Hofheinz of billionaires with connections to Palm Beach,

Here is a list of other Palm Beachers who made Forbes’ cut — some with primary homes here, some seasonal residents and still others who simply own property on the island. This list also notes some of those islanders’ whose net worth changed dramatically from […] Read more

State Pension Plan Outperforms With Hedge Funds

State Pension Plan Outperforms With Hedge Funds

 

By Jeff Ostrowski- Palm Beach Post Staff Writer

From Palm Beach Post

The head of Florida’s $140 billion pension plan admits that hedge funds are complicated, costly and fraught with potential pitfalls.

But properly managed, the contentious investment vehicles produce a handsome profit, says Ash Williams, executive director and chief investment officer at Florida’s State Board of Administration, which oversees the retirement fund for public workers.

For the three years that ended Nov. 30, Florida made an average annual return of 9.6 percent on its hedge fund investments after expenses, Williams said. That outpaced the pension plan’s overall annual return of 8.9 percent.

“The evidence […] Read more

Tepper’s Most Profitable Trade Could Be Moving To Miami

Tepper’s Most Profitable Trade Could Be Moving To Miami

From Bloomberg

By: Miles Weiss

New Jersey lost its richest resident late last year when billionaire David Tepper decamped to the tax friendly climes of Florida.

Tepper registered to vote in Florida last October, listing his residence as a Miami Beach condominium, and followed up in December by filing a court document declaring that he is now a resident of the state. He also carried out a business reorganization on Jan. 1 that relocated his Appaloosa Management from New Jersey to Florida, which is free of personal income and estate taxes.

David Tepper
Photographer: Andrew Harrer/Bloomberg

The move could save Tepper hundreds of millions of dollars in […] Read more

Dave Goodboy Chairs Asset Allocation Panel At Ivy FON Conference

Dave Goodboy Chairs Asset Allocation Panel At Ivy FON Conference

 

 

 

PBHFA’s Founder and Managing Director, Dave Goodboy, chaired the Asset Allocation Panel at the Ivy Family Office Plus.   We delved into the thought process and investment ideas of four leading names in the Palm Beach region.    It was an interesting and very educational seminar for both the panel members and audience.  

 

Family Office Trends Agenda
March 16th

On Wednesday March 16th we will host a seminar on 2016 Family Office Trends. This event is oriented towards persons in the Family Office industry working primarily for single family offices, Ultra High Net Worth Individuals as well as multi-family offices. We will […] Read more

Palm Beach Hedge Fundee Buys Most Expensive Spec House Ever

Palm Beach Hedge Fundee Buys Most Expensive Spec House Ever

From Palm Beach Daily News: 

Darrell HofheinzDaily News Real Estate Writer

Palm Beach hedge-funder Kenneth G. Tropin is behind the purchase of 1695 North Ocean Way, the new beachfront house built on speculation that changed hands for nearly $44 million in a sale recorded Friday.
The Kenneth G. Tropin Revocable Trust bought the house, according to the deed viewable Monday on the Palm Beach County County Clerk’s website. The Daily News broke the news of the $43.7 million sale on Friday but the buyer had not been identified.
The property is said to be the most expensive spec house ever sold in Palm Beach…..

Read […] Read more

New York Moves To Kill Carried Interest Loop Hole

New York Moves To Kill Carried Interest Loop Hole

The following article from the New York Times reflects significant negative changes that are brewing,,,,  It’s critical that we keep close tabs on the situation…..

From NEW YORK TIMES

By THE EDITORIAL BOARD  MARCH 11, 2016

Two Democratic members of the New York State Assembly, Jeffrion Aubry and Sean Ryan, introduced a bill this week to close the “carried interest” loophole, which lets partners at private equity firms and hedge funds pay a greatly reduced federal tax rate on much of their income.

The measure is the […] Read more