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

PBHFA’s Founder Speaks At Alpha Hedge East

PBHFA’s Founder Speaks At Alpha Hedge East

 

PBHFA’s founder Dave Goodboy joined an esteemed panel discussion at the IMN’s Alpha Hedge East conference.

The panel explored why a manager should relocate to Florida v Texas or the Carolinas.

Topics covered include: Tax incentives, Schools and Family, Corporate and Consumer Real Estate Market.
The local investor base is explored and explained.
Florida has great access to LATAM, Caribbean and the South East, why a manager might find this attractive.

Moderator:

Rainford Knight, Chief Operating Officer, FLAIA

Panel Participants:

Dave Goodboy, Founder & Managing Director, Palm Beach Hedge Fund Association

Gary Hines, Senior Vice President, Business Development Board of Palm Beach County

Shalin Madan, Managing Director, Strenta Investment Management

 

 

[…] Read more

Phil Falcone Plans Comeback At Alpha Hedge East

Phil Falcone Plans Comeback At Alpha Hedge East

From HITC Business

One-time high-flying hedge fund manager Phil Falcone, plotting a comeback after a securities industry ban, told CNBC Tuesday he considers his integrity of “utmost importance,” and said he’s trusted by people who know him.

The Securities and Exchange Commission in 2012 charged Falcone with securities fraud. The charges included misappropriation of client assets and market manipulation at Harbinger Capital. He settled with the government for $18 million, and agreed to a five-year prohibition from the securities industry.

“I didn’t commit fraud. I didn’t violate securities laws,” Falcone told “ Squawk Box ” Tuesday. “It was a negligence. I […] Read more