PBHFA's JULY 2020 MISSIVE
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Greetings!
It's hard to believe its July already! Things have been changing so rapidly it is often difficult to remember what day it is, let alone season!
First, our website is now easier to navigate, friendlier on the eye, and simply faster on both mobile devices & desktops.
Secondly, we improved
member benefits
by providing contact information for a wide variety of both Florida and global hedge funds, family offices, investors, money managers, venture capitalists and cryptocurrency firms. This is an incredible resource!
Next, our
webinar series
has proven to be more successful than ever imagined! Via partnerships with Bloomberg, Yahoo Finance, IPO Edge & Corp Gov, we have firmly established top level avenues for our partner sponsors,members, and the PBHFA to reach the global financial community.
We plan on continuing the webinar series even after the restrictions are lifted and we get back to our popular in person deal making socials!
These are truly exciting times!
We look forward to working with you soon!
Kind regards,
David S. Goodboy
Founder
"The worse things get, the easier it is to turn them around."
George Soros
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Several socials remain open for sponsorship this season.
Partnership Inquiries Contact::
212.729.0837
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Meet PBHFA Member Richard Taittinger, of the Taittinger Champagne Dynasty On July 16th!
The art market is on the cusp of a revolution. Rapid democratization, just as in the world of luxury goods, will open up the pool of potential new collectors to include a much younger and geographically diverse demographic. At the same time, the old gallery model will be displaced by powerful e-commerce platforms that connect many more art buyers in far greater volume.
Thursday, July 16, 2020 at 12pm EST/9am PST – Art + Luxury + Tech. The event will last approximately one hour, including a Q&A with the audience.
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Robinhood Underwrites The MEMX Exchange
This next piece is where MEMX – the upstart Members Exchange set to go live later in 2020; backed by the retail brokerage heavyweights (Schwab, TD Ameritrade, E*Trade and Fidelity), sell-side dark pool heavyweights (Goldman Sachs, Morgan Stanley, BAML, JPMorgan and UBS) and a selection of the leading non-bank market making heavyweights (Citadel Securities, Jane Street Capital and Virtu); and touting improvements in design such as “lower pricing on market data, connectivity, and transaction fees” – enters the finale of our trick shot:
With competition approaching an apex for those who dare to harvest structural alpha in closest proximity to the fragmented sources of US listed liquidity, it does not take a brain surgeon to see that something needs to be done about the cost of being profitable in this business. Granted, there are no weeping violins playing in the background of this tale. Most of these players have been handsomely rewarded for skillful navigation of an inconceivably complex environment while so many others have been forced to change course or tap out…
So, where do they battle against costs? Likely in the places where incumbent exchanges have had a lock on those costs, such as “lower pricing on market data, connectivity, and transaction fees.” The exhibit, below, uses Virtu again as an example where data, connectivity and transaction fees are the main areas – other than PFOF – where significant costs could be reduced…
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The Palm Beach Hedge Fund Association Forms A Partnership With Echo Fine Properties
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The Palm Beach Hedge Fund Association is pleased to announce a strategic partnership with Echo Fine Properties.
With a history of leading luxury real estate sales in Palm Beach County, Echo Fine Properties is uniquely suited to assist the hedge fund and financial community migrating to the region. Deep local knowledge grouped with global connections creates an unbeatable combination for buyers and sellers.
PBHFA Founder David Goodboy commented,
“The PBHFA is extremely selective with the service providers we partner with. We only build strategic partnerships with firms proven to possess the utmost integrity and high-level skills in their chosen niche. Echo Fine Properties with their substantial local knowledge of the ultra-high-end market combined with global connections is the optimal real estate partner for our demanding membership base.”
Jeff Lictenstein, Owner and Broker added.......
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Did You Miss Any Of Our Educational Webinars? It's Not Too Late!
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Don't worry if you missed our last webinar or two.
We are currently scheduling
webinars
for August.
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SEC Proposes Amendments To The Accredited Investor Definition
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The SEC is also proposing to amend the definition of a “qualified institutional buyer” under Rule 144a of the Securities Act of 1933 (“Securities Act”) to expand the list of eligible entities.
The amendments would also make some conforming changes including updating the definition of accredited investor in
Section 2(a)(15)
to match the definition in
Rule 501 of Regulation D
and cross-referencing the entity accredited investor categories in Rule 15g-1(b) – the broker-dealer penny stock rules (see
HERE
).
The current test for individual accredited investors is a bright line income or net worth test. The amended definition will add additional methods for a person to qualify as accredited based on professional knowledge, experience and certifications. The amended definition will also add categories of businesses, entities, and organizations that can qualify including a catch-all category for any entity owning in excess of $5 million in investments. The expansion of qualified entities is long overdue as the current definition only covers charitable entities, corporations, business trusts and partnerships, and entities in which all equity owners are individually accredited........
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Hedge funder’s North Palm Beach estate hits the market for $80M
One of the largest oceanfront estates in Palm Beach County hit the market on Tuesday asking $79.5 million.
The 7.35-acre compound at 12525 Seminole Beach Road in the Seminole Landing neighborhood of North Palm Beach was listed for sale, according to Realtor.com.
The gated home within a gated community is owned by a land trust linked to Gabriel A. Hoffman, who heads the activist hedge fund Accipiter Capital Management......
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West Palm Beach's Third Friday Total Return Fund Makes Bid To Buy Hospital Chain
A secured lender made a bid to take over Americore Holdings and its affiliates last week, less than six months after the hospital chain
entered
Chapter 11 bankruptcy, according to
Bloomberg Law
.
Third Friday Total Return Fund, a West Palm Beach, Fla.-based hedge fund, submitted a proposal to take over ownership of Americore's assets. The purchase price includes a $25 million credit bid and $22 million in cash, according to the
St. Louis Post-Dispatch
.
Fort Lauderdale, Fla.-based Americore Holdings,
agreed
to hand operational control to a Chapter 11 trustee in February. The hospital network now includes three hospitals, including Ellwood City (Pa.) Medical Center which
closed
Jan. 31. Its other two hospitals in St. Louis and Calico Rock, Ark., are on shaky financial footing.....
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P.O. Box 2911, Palm Beach, FL 33480
(212) 729-0837
Monday – Friday 9:00 am – 6:00 pm
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