Aksia Hedge Fund is Recipient of Awards in 2017

Nov 09, 17 Aksia Hedge Fund is Recipient of Awards in 2017

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This past year was a good year for the research and portfolio advisory firm Aksia. With over $70 billion in assets under management, Aksia serves institutional investors. The company offers research and portfolio advice to experienced pension plans, insurance companies, government-related institutions and others. Aksia’s main office is located in New York City, but it has an additional six offices in Asia, Europe and North America. The company has 125 employees and is entirely owned by its ten partners. The past year Aksia received recognition from the prestigious Institutional Investor Magazine. Valérie Bénard received the Hedge Fund Consultant of the Year Award for 2017. The award acknowledges the recipient’s unique abilities to help create successful hedge fund investment programs, give excellent, insightful advice, and explain complex hedge fund strategies in clear language to investment boards. Another Aksia advisor, Lynn O’Connell, was honored as the 2017 Hedge Fund Rising Star. This award recognizes consultants who are continually playing a more active role in the hedge fund industry; have shown that they can deliver in their field; and have been recognized as significant contributors to their firm’s success. They are respected by their peers, have shown robust and skillful entrepreneurship, and have made a great contribution to the hedge fund industry in general. In addition, at the end of 2016, Aksia was chosen by Pensions & Investments Magazine as one of the Best Places to Work in Money...

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Florida Developer Purchases Jehovah Witness Building: Converting to Luxury Senior Living

Nov 05, 17 Florida Developer Purchases Jehovah Witness Building: Converting to Luxury Senior Living

Posted by in All, Real Estate

A building in Brooklyn which was the property of Jehovah’s Witnesses was sold to a developer based in Florida, the Wall Street Journal reported. The developer, Kayne Anderson, paid $200 million for the 16-story apartment building located in Brooklyn Heights. The developer renamed the building The Watermark at Brooklyn Heights, whereas it was previously known as the Towers. The plan is to convert the 295-unit residential building to a luxury senior housing with 300 units. Kayne said they will add a swimming pool, spa, and several dining areas in the 75,000 square feet the building holds. The developer did not reveal how much rent they will charge residents, but it is speculated that a studio apartment will go for about $7,000/month and two-bedroom apartments for about $10,000. If residents need assisted care, the monthly fee could double. The Jehovah’s Witnesses have been selling off their substantial Brooklyn holdings, which was up to 36 buildings at its height. They are moving to Warwick, New York, and have almost sold all their...

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Walmart Buys Brooklyn Startup for $10 Million

Oct 08, 17 Walmart Buys Brooklyn Startup for $10 Million

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Just because Walmart does not have a store of its own anywhere in New York City does not mean New Yorkers can’t get the Walmart goods to their doors, pronto. Over the course of the past year Walmart has made five e-commerce purchases to insure its online customers that they can have same-day delivery of Walmart products. The latest purchase is of Brooklyn startup Parcel for almost $10 million. Parcel was launched in 2013 by Jesse Kaplan. Since that time, it has created an extensive database including every building it has ever delivered to. The stored information includes photos and details about service and other entrances. The company operates 24/7, and sends its customers real-time tracking updates of their orders through test messaging. Walmart, which seems to be taking aim at Amazon’s similar type of service, also purchased Jet, Bonobos, ModCloth and Moosejaw during the past...

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Chuck Cumello Offers Calming Advice in Volatile Times

Sep 07, 17 Chuck Cumello Offers Calming Advice in Volatile Times

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Uncertainty is the enemy of financial markets and the investors that rely on them. But it is not just uncertainty that gives investors the jitters. According to Chuck Cumello of Essex Financial Services, this year politics seems to be influencing investors more than he has personally seen in 30 years of portfolio management. Instead of a calm sense of security emanating from Washington DC, the political vitriol and divisive language coming from the country’s capital has clients’ emotional life veering from “fear” and “greed” and back again. The almost constant tension and political volatility is adding a task or two to the job description of financial advisors, Cumello states. When clients want to act on their visceral reactions to the distressing play-by-plays and unceasing drama of White House intrigues, financial managers are forced to rush in and remind them that despite their gut reaction to the latest headlines, the world is neither about to end nor on the verge of the greatest economic opportunity in history. They must play the part of counselor, or even therapist, to calm them down. As Cumello put it: “Trying to help clients stick to the agreed-upon long-term plan to help them achieve their financial and life goals can be challenging under “normal” circumstances. One would be hard pressed to use the word ‘normal’ in our current political climate.” Cumello, who is the CEO and president of Essex Financial, says that these trying times can be an opportunity for advisors to solidify their relationships with their clients. As Cumello put it in his thoughtful and thought-provoking article: “The best advisors always use times of stress or instability to cement their relationships with their clients. They never shy away from difficult or challenging conversations; they embrace them and use these events as opportunities. An opportunity to reinforce and clearly prove the critical role they play in their clients’ lives. An opportunity to review their client’s financial plan and to fully engage their clients on their agreed-upon commitments to achieve the...

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Jehovah’s Witnesses Sell Property as they Divest from Brooklyn

Sep 04, 17 Jehovah’s Witnesses Sell Property as they Divest from Brooklyn

Posted by in All, Real Estate

Jehovah’s Witnesses are sold off close to their last bits of Brooklyn real estate in the wake of their relocation to Upstate New York. The most recent sale was of their Brooklyn Heights, 12-story, 97-unit apartment building for $58 million. The sale of 97 Columbia Heights was to a Los Angeles-based investment firm, Hawkins Way Capital, which also purchased another Witness building for $18 million, located at 119 Columbia Heights, just up the street. 97 Columbia Heights, close to 89,000 square-feet, was purchased by the Witnesses when it was still under construction in 1986. The Witnesses also put up for sale what is their last empty lot in Brooklyn, located at 1 York Street, just north of the Brooklyn Bridge in Brooklyn Heights. The lot’s price is not listed, but it is estimated to be worth about $54 million, with about 189,000 to 250,000 square-feet of buildable space on 52,000 square-feet. That comes to about $300 per build-able...

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Castle Harlan Victorious in Recent Case

Mar 06, 17 Castle Harlan Victorious in Recent Case

Posted by in Business

  Castle Harlan Inc. was victorious recently in a win against Russian-owned companies Norcast S.ár.l and Pala Investments Ltd. The two companies claimed that Castle Harlan had done something wrong by purchasing Norcast Wear Solutions from them in 2011 for $190 million in a private sale and then selling it for more money a few hours later. The New York Supreme Court, Appellate Division ruled that the seven-count complaint had failed to show any actionable wrongdoing. They further explained that, since there was not a no-flip clause in the share purchase agreement, there were no grounds for accusing Castle Harlan of any...

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