Search This Blog

24 Mar 2008

Hedge Funds for Habitat Raise $20,000

Hedge Funds for Habitat-NYC hosted an event on Friday that brought 30 volunteers from the hedge fund industry together, many with no prior construction experience, to drywall rooms, saw wood, measure and cut metal studs and help frame walls.

They also raised $20,000 to help fund the construction costs. The hedgies worked side-by-side with some of the low-income families who will own these affordable condos.

The build day was sponsored by Damian Handzy, CEO of Investor Analytics. Handzy and six members of his staff also volunteered for the day doing construction work.

"It's great to see so many people from the alternative investment industry coming together to give something back to the city that has been so good to us," said Stuart Feffer, Chair of Hedge Funds for Habitat-NYC and Co-CEO of LaCrosse Global Fund Services. "The market has been tough this week, and it's terrific to get people away from their screens and behind some tools."

Susan DeMaio, Senior Vice President at Pequot Capital Management, had volunteered in the past with Habitat, building a single family home. She said she jumped at the invitation to join another Habitat build. "It is inspiring to work with people in the hedge fund industry and with Habitat-NYC," DeMaio added."

Hedge Funds for Habitat-NYC is an effort to provide hardworking New York City families with a homeownership opportunity through Habitat for Humanity.City. With the help of an average of 10,000 volunteers every year, Habitat-NYC has built more than 180 affordable homes in the five boroughs of New York City.

Hedge Fund Asks Investors To Replace Bank Loans

Hedge Fund Carrington Capital Management LLC is asking investors to lend it as much as $200 million to replace bank loans, according to the Financial Times.

The $1 billion hedge fund has offered investors an 18% interest rate on new preferred shares they said in a letter to investors from Carrington.

The hedge fund, which specializes in mortgages, said that their relationship with financiers Citigroup Inc. and JPMorgan Chase & Co. remains "good," according to FT.

Carrington Capital Management, LLC ("CCM"), is a privately managed investment management company, it currently has over $1 billion in assets under management.