Last year, the billionaire fund manager Stanley F. Druckenmiller shifted $700 million of his own money to his family foundation. Before the transfer, the foundation had assets of about $6.5 million, Bloomberg News reported. Transferring that money, a quarter of his reported net worth, to the nonprofit earned Druckenmiller the Chronicle of Philanthropy’s No. 1 [...]
Paolo Pellegrini, the hedge fund manager best known for helping John A. Paulson earn billions by betting against subprime mortgages, plans to return outside investor capital in his firm by Sept. 30. Mr. Pellegrini wrote in a letter to investors on Friday that “substantial additional work” was needed to profit from his negative bet against [...]
Court testimony from a senior California Public Employees’ Retirement System portfolio manager relating to luxury travel and gifts from clients has shocked ethics experts, The Los Angeles Times reported. Joncarlo Mark testified in pre-trial proceedings as part of a corruption inquiry into the embattled pension fund, and said that for years, top investment staff were [...]
Caisse de Dépôt et Placement du Québec, Canada’s biggest pension-fund manager, posted a 2.3 percent return in the first half of this year, bolstered by investments in private equity and infrastructure, Bloomberg News reports. The results beat the 1.4 percent average loss of Canadian pension funds for the first half of 2010, as estimated in [...]
Barton Biggs, the hedge fund manager who became more optimistic about stocks this month, said that BP is still “too speculative” to buy, Bloomberg News reported. After losing about 40 percent of its share price since the start of the worst oil spill in U.S. history in the Gulf of Mexico, BP has rebounded 37 [...]
BlackRock, the world’s largest money manager, posted a better-than-expected 35 percent increase in second-quarter earnings on Wednesday, helped by improved market conditions, as clients snapped up its exchange-traded fund products, Reuters reports. The firm, which oversees $3.15 trillion in client assets, reported net income of $432 million, or $2.21 per share, compared with $218 million, [...]
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