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词条 Buddy Fletcher
释义

  1. Early life and education

  2. Career

     Fletcher Asset Management  Fund bankruptcy 

  3. Litigation

     Alphonse Fletcher vs. Kidder Peabody  Dakota lawsuit 

  4. Fletcher Foundation and philanthropy

  5. Personal life

  6. References and notes

{{Use mdy dates|date=December 2018}}{{about|the former fund manager|the Florida mayor|Buddy Fletcher (politician)}}{{pp-pc1}}{{Infobox person
| name = Buddy Fletcher
| image =
| image_size = 150px
| caption =
| birth_name = Alphonse Fletcher Jr.
| birth_date = {{Birth date and age|df=yes|1965|12|19}}
| birth_place = New London, Connecticut, United States
| death_date =
| death_place =
| death_cause =
| resting_place =
| resting_place_coordinates =
| residence = The Dakota
New York City
| other_names = Buddy
| education = Harvard College
Yale School of Forestry and Environmental Studies
| occupation = Founder, Chairman, and CEO of Fletcher Asset Management
Founder of the Fletcher Foundation
| employer = Bear Stearns (1987–??)
Kidder Peabody (19??–91)
Fletcher Asset Management (1991–present)
| known_for = Hedge fund management, fund bankruptcy, Kidder Peabody discrimination lawsuit, Dakota discrimination lawsuit, Philanthropy
| spouse = Ellen Pao (2007–present)
| relatives = Geoffrey S. Fletcher (brother)
|
}}

Alphonse "Buddy" Fletcher Jr. (born December 19, 1965) is an American former hedge fund manager and founder of the Fletcher Foundation. He began his career as a quantitative equity trader at Bear Stearns and later worked at Kidder, Peabody & Co. Fletcher, who is African American, sued Kidder Peabody for racial discrimination. Although his racial discrimination claims were dismissed, he eventually won an arbitration award of US$1.26 million.[1] Fletcher has also been involved in litigation centered on a dispute with the board of The Dakota apartment building in New York City.

Fletcher founded Fletcher Asset Management in 1991. His main fund, Fletcher International, may have been insolvent since 2008 and was declared bankrupt in 2012.[2]

Early life and education

Fletcher was raised in Waterford, Connecticut.[3] His father, Alphonse, Sr., was a technician at the Electric Boat Corporation in Groton,[2] a company that makes submarines. His mother, Bettye, a long-time teacher and later a social worker, dean, and school principal, received a PhD in Education from Teachers College, Columbia University.[3][2] Fletcher has two younger brothers, Todd, and Geoffrey,[7] a screenwriter, film director and Academy Award winner.

He attended Harvard College, where he received an A.B. degree as an applied mathematics major in 1987.[3] He was elected first marshall of the 1987 class.[4] He earned a Master's degree in Environmental Management from the Yale School of Forestry and Environmental Studies in 2004.[5]

Career

After graduating from Harvard College in 1987, Fletcher began his career at Bear Stearns as a quantitative equity trader who capitalized on dividend-related arbitrage.[6] He was recruited to Kidder Peabody as a trader in the equity trading group.[3][4]

Fletcher Asset Management

After his tenure at Kidder Peabody, he founded Fletcher Asset Management,[3][4] which makes private investments in small-capitalization public companies.

During Fletcher Asset Management's first four years, it traded with heavy leverage.[7] His general strategy was trading public instruments for his own account and on behalf of clients, but he also made longer-term equity investments. He used hedges with both types of investments.[8] He has also been involved in PIPE deals.[9] At one time, his firm's trading activity occasionally accounted for 5% of the volume on the New York Stock Exchange.[10] In 1994, Fletcher surrendered his broker-dealer registration and became a registered investment adviser, which made managing money more convenient.[6]

Fund bankruptcy

In July 2011, FIA Leveraged Fund, an investment vehicle managed by Fletcher Asset Management, was unable to meet a redemption request, totaling $144 million, by three Louisiana pension fund investors.[11][12] In April 2012, the Grand Court of the Cayman Islands ruled that the fund was insolvent and ordered that it be wound up (liquidated).[13][14]

In June 2012, Fletcher International Ltd., the Bermuda-based "master fund" for the Fletcher funds, filed for Chapter 11 bankruptcy in Manhattan.[15][16]

Litigation

Alphonse Fletcher vs. Kidder Peabody

In 1991, after working as an equity trader at Kidder Peabody, Fletcher filed a lawsuit in New York state court for employment racial discrimination.[17] The New York Court of Appeals ruled that Fletcher's claim must be arbitrated.[18] In a NYSE arbitration, Fletcher was awarded $1.26 million, and in a subsequent arbitration, the racial discrimination claim was dismissed.[10][19]

Dakota lawsuit

In February 2011, Fletcher filed a lawsuit against the Board of Directors of The Dakota co-op building in Manhattan, where he had lived since 1992 and owned four apartments.[1] Among other things, he alleged defamation and unlawful discrimination.[20] In March 2010, Fletcher had signed a contract to purchase a fifth apartment at The Dakota, intending to combine it with his current home. The Dakota's board said that it rejected Fletcher's application based on the financial materials he provided in his application.[7][21] Judge Eileen A. Rakower granted The Dakota's motion for summary judgment and dismissed the suit in September 2015. Fletcher announced his intention to appeal.[22]

Fletcher Foundation and philanthropy

In 1993, following the death of friend and advisor Reginald Lewis, Fletcher donated $1 million to the Reginald F. Lewis Memorial Endowment. The endowment had been created by the National Association for the Advancement of Colored People after Lewis instructed his wife to bequeath $2 million to the organization.[23]

In 1996, to commemorate the 100th anniversary of Plessy v. Ferguson, {{ussc|163|537|1896}}, Fletcher endowed a University professorship at Harvard College.[3][3]

In 2004, Fletcher created the Alphonse Fletcher University Professor Fellowship program to financially support professors working to improve race relations at Harvard.[24][25] Funded as part of the Fletcher Foundation, Henry Louis Gates Jr. is the Alphonse Fletcher University Professor at Harvard.[26][27]

Personal life

In 2007, Fletcher married Ellen Pao, then a junior partner at venture capital firm Kleiner Perkins Caufield & Byers. Fletcher and Pao met while Aspen Institute fellows.[1][28][29] They have a daughter together.[28]

Prior to his marriage to Pao, Fletcher was in a relationship with Hobart V. "Bo" Fowlkes Jr. for more than 10 years.[30][31]

Fletcher and his wife have lived in the St. Regis Residence in San Francisco.[31][32] Fletcher also owns homes in The Dakota in New York City.[31][33]

References and notes

1. ^1 2 {{cite news|last=Bradley |first=Richard |title=Is Harvard's Buddy Fletcher a Financial Genius- or a Fake? |url=http://www.bostonmagazine.com/articles/is_harvard_graduate_buddy_fletcher_financial_genius_or_fake/page2 |accessdate=April 26, 2012 |newspaper=Boston Magazine |date=March 2012 |deadurl=yes |archiveurl=https://web.archive.org/web/20120308222119/http://www.bostonmagazine.com/articles/is_harvard_graduate_buddy_fletcher_financial_genius_or_fake/page2 |archivedate=March 8, 2012 |df= }}
2. ^1 {{cite web|url=http://aspen.conncoll.edu/news/1580.cfm |title=Community philanthropist, Waterford native Buddy Fletcher May 5 |accessdate=September 14, 2008 |date=April 25, 2005 |publisher=Connecticut College |author=Martin, Amy |deadurl=yes |archiveurl=https://web.archive.org/web/20110716165749/http://aspen.conncoll.edu/news/1580.cfm |archivedate=July 16, 2011 |df= }}
3. ^1 2 3 {{cite web|url=http://news.harvard.edu/gazette/1996/04.25/UniversityProfe.html |title=University Professorship Named for Fletcher: Honors graduate of Harvard Class of 1987 |accessdate=September 12, 2008 |date=April 25, 1996 |work=Harvard University Gazette |publisher=President and Fellows of Harvard College |archiveurl=https://web.archive.org/web/20060903162721/http://www.hno.harvard.edu/gazette/1996/04.25/UniversityProfe.html |archivedate = September 3, 2006|deadurl=yes}}
4. ^1 2 {{cite web|url=http://www.news.harvard.edu/gazette/2006/02.16/01-profchallenge.html |title=Professorship Challenge Fund set into motion: Harvard donors aim to increase faculty resources across University |accessdate=September 12, 2008 |date=February 16, 2006 |work=Harvard University Gazette |publisher=President and Fellows of Harvard College |deadurl=yes |archiveurl=https://web.archive.org/web/20080704154246/http://www.news.harvard.edu/gazette/2006/02.16/01-profchallenge.html |archivedate=July 4, 2008 |df= }}
5. ^{{cite web|url=http://home.nycap.rr.com/businessteacher/Index_files/Page564.htm|archive-url=https://archive.is/20070812031039/http://home.nycap.rr.com/businessteacher/Index_files/Page564.htm|dead-url=yes|archive-date=August 12, 2007|title=Alphonse Fletcher Jr.|accessdate=September 12, 2008|author1=Dipnarine, Danny |author2=James Kocienski |author3=Apollo Marmarinos |last-author-amp=yes |publisher=Michael Hover}}
6. ^1 {{cite web|url=http://www.businessweek.com/archives/1994/b339572.arc.htm |title=To Be Young, Gifted, and Sitting Pretty |accessdate=September 12, 2008 |date=October 24, 1994 |work=Bloomberg BusinessWeek|publisher=The McGraw-Hill Companies Inc. |deadurl=yes |archiveurl=https://web.archive.org/web/20110805023317/http://www.businessweek.com/archives/1994/b339572.arc.htm |archivedate=August 5, 2011 |df= }}
7. ^{{citation |title=Stock Market Wizards |publisher=Harper Collins|year=2003|author=Schwager, Jack D.}}
8. ^{{cite web|url=http://www.newyorker.com/archive/1996/04/29/1996_04_29_082_TNY_CARDS_000375207|title=The Buddy System|accessdate=September 13, 2008|date=April 29, 1996|work=The New Yorker|publisher=CondéNet|author=Heller, Zoe}}
9. ^{{cite web|url=https://www.nytimes.com/2004/06/05/business/when-private-mixes-with-public-financing-technique-grows-more-popular-also.html|title= When Private Mixes With Public; A Financing Technique Grows More Popular and Also Raises Concerns|accessdate=September 16, 2008|date=June 5, 2004|work=The New York Times|author=Atlas, Riva D.}}
10. ^1 {{cite web|url=http://mycrains.crainsnewyork.com/40under40/profiles/1998/1020 |title=40 Under 40 > 1998 > Alphonse Fletcher Jr. |accessdate=September 12, 2008 |work=Crain's New York Business|publisher=Crain Communications |author=Birger, Jon |deadurl=yes |archiveurl=https://web.archive.org/web/20081004181238/http://mycrains.crainsnewyork.com/40under40/profiles/1998/1020 |archivedate=October 4, 2008 |df= }}
11. ^{{cite news|last=Lattman|first=Peter|title=SEC and Pension Systems to Examine Fletcher Fund|url=https://dealbook.nytimes.com/2011/07/12/s-e-c-and-pension-systems-to-examine-fletcher-fund/|accessdate=April 24, 2012|newspaper=The New York Times|date=July 12, 2011}}
12. ^{{cite news|last=Barbanel|first=Josh|title=Louisiana Pension Sets Plan for Fletcher Fund Loss|url=https://www.wsj.com/articles/SB10001424052970204058404577108761376858098|accessdate=April 24, 2012|newspaper=The Wall Street Journal|date=December 20, 2011}}
13. ^{{cite news|last=Eder|first=Steve|title=Judge Orders Liquidation of a Fletcher Hedge Fund|url=https://www.wsj.com/articles/SB10001424052702303513404577354351667651304?mod=googlenews_wsj|accessdate=April 24, 2012|newspaper=The Wall Street Journal|date=April 19, 2012}}
14. ^{{cite news |last=Thompson |first=Richard |title=Liquidation ordered for hedge fund that 3 local pension funds invested in |url=http://www.nola.com/business/index.ssf/2012/04/liquidation_ordered_for_hedge.html |accessdate=April 25, 2012 |work=The Times-Picayune |date=April 20, 2012}}
15. ^1 [https://dealbook.nytimes.com/2014/02/24/pension-funds-sue-on-a-deal-gone-cold/ Pension Funds Sue on a Deal Gone Cold] February 24, 2014 Deal B%k by Rachel Abrams New York Times
16. ^{{cite news|last=Eder|first=Steve|title=Hedge Fund Files for Bankruptcy|url=https://www.wsj.com/articles/SB10001424052702303684004577507051484206034?mod=googlenews_wsj|accessdate=July 8, 2012|newspaper=The Wall Street Journal|date=July 4, 2012}}
17. ^{{cite web|url=https://www.law.cornell.edu/nyctap/I93_0157.htm#n1a |title=Alphonse Fletcher Jr., Appellant, v. Kidder, Peabody & Company, Inc., Respondent. / Rita Reid, Appellant, V Goldman, Sachs & Co. Et Al., Respondent |accessdate=September 15, 2008 |date=July 9, 1993 |publisher=Cornell University Law School}}
18. ^{{cite web|url=http://www.newsweek.com/id/113866|title=Taking On The Great White Way: Wall Street: Will Recent Discrimination Suits Open The Door For Women And Minority Executives?|accessdate=September 12, 2008|date=July 19, 1993|work=Newsweek|publisher=Newsweek, Inc.|author1=Brant, Martha |author2=Jolie Solomon |lastauthoramp=yes }}
19. ^{{cite news |url=http://www.bostonmagazine.com/articles/2012/02/is-harvard-graduate-buddy-fletcher-financial-genius-or-fake/2/ |title=Buddy Fletcher: Financial Genius — or a Fake? |work=Boston Magazine |first=Richard |last=Bradley |date=February 2012 |accessdate=May 2, 2012}}
20. ^{{cite web| url=https://www.nytimes.com/2011/02/02/nyregion/02dakota.html|title= Dakota Co-op Board Is Accused of Bias |date=February 28, 2011|work=The New York Times|author1=Haughney, Christine |author2=Peter Lattman |lastauthoramp=yes }}
21. ^{{cite web| url=https://dealbook.nytimes.com/2011/02/02/the-money-manager-who-is-suing-the-dakota/|title= The Money Manager Who Is Suing the Dakota|date=February 2, 2011|work=The New York Times|author=Lattman, Peter Lattman}}
22. ^{{cite web|url=https://www.nytimes.com/2015/09/16/nyregion/suit-accusing-dakota-co-op-board-of-bias-against-blacks-and-hispanics-fails.html|title=Suit Accusing Dakota Co-op Board of Bias Against Blacks and Hispanics Fails|author=James C. McKinley Jr.|work=The New York Times|date=September 15, 2015|accessdate=December 17, 2015}}
23. ^{{cite web|url=https://www.nytimes.com/1993/09/26/nyregion/gifts-help-naacp-focus-on-economic-agenda.html|archive-url=https://archive.is/20120714144215/http://query.nytimes.com/gst/fullpage.html?res=980CE7DE163BF935A1575AC0A965958260|dead-url=yes|archive-date=July 14, 2012|title=Gifts Help N.A.A.C.P. Focus on Economic Agenda |accessdate=September 12, 2008|date=September 26, 1993|work=The New York Times|author=Teltsch, Kathleen}}
24. ^1 2 3 {{cite web|url=https://www.nytimes.com/2004/05/18/nyregion/50-million-gift-aims-to-further-legacy-of-brown-case-635057.html|title=$50 Million Gift Aims to Further Legacy of Brown Case |accessdate=September 12, 2008 |date=May 18, 2004 |work=The New York Times |author=Rimer, Sara}}
25. ^{{cite web|url=http://findarticles.com/p/articles/mi_m1355/is_22_109/ai_n26699047 |title=Alphonse Fletcher announces 2006 Fletcher Fellows |accessdate=September 12, 2008 |date=June 5, 2006 |work=Jet|publisher=CNET Networks, Inc. }}
26. ^{{cite web |url=http://www.thecrimson.com/article/2006/10/24/gates-named-univ-professor-after-a/ |title=Gates Named Univ. Professor |work=thecrimson.com |accessdate=March 23, 2015}}
27. ^{{cite web|url=http://www.bostonmagazine.com/2012/02/is-harvard-graduate-buddy-fletcher-financial-genius-or-fake/4/|title=Buddy Fletcher: Financial Genius — or a Fake?|work=Boston Magazine|accessdate=June 15, 2015}}
28. ^1 2 3 {{cite web |url=https://www.nytimes.com/2011/02/26/nyregion/26dakota.html |title= The Man at the Center of a Dispute at the Dakota |accessdate=February 26, 2011 |date=February 26, 2011|work=The New York Times|author1=Haughney, Christine |author2=Peter Lattman |lastauthoramp=yes }}
29. ^{{cite web|url=http://www.aspeninstitute.org/news/2007/06/14/aspen-institute-names-emerging-leaders-2007-henry-crown-fellows|title=Aspen Institute Names Emerging Leaders As 2007 Henry Crown Fellows|accessdate=June 14, 2007|publisher=The Aspen Institute}}
30. ^{{cite web|url=https://www.nytimes.com/2004/05/18/nyregion/50-million-gift-aims-to-further-legacy-of-brown-case.html?pagewanted=all&src=pm|title=$50 Million Gift Aims to Further Legacy of Brown Case|accessdate=April 29, 2013|date=May 18, 2004|work=The New York Times|author=Rimer, Sara}}
31. ^1 2 {{cite web|url=http://www.vanityfair.com/society/2013/03/buddy-fletcher-ellen-pao|title=The Unraveling of Ellen Pao and Her Husband, Buddy Fletcher|work=Vanity Fair|accessdate=June 15, 2015}}
32. ^{{cite web |url=http://sf.blockshopper.com/property/3722269/188_minna_unit_23e/ |title=San Francisco real estate news, data and statistics, home sales and real estate listings - San Francisco |work=blockshopper.com |accessdate=March 23, 2015}}
33. ^http://graphics8.nytimes.com/packages/pdf/2Fletchervs.DakotaOpposingAffidavits.pdf
{{good article}}{{DEFAULTSORT:Fletcher, Buddy}}

25 : 1965 births|LGBT African Americans|Living people|African-American investors|American investors|American financiers|American hedge fund managers|American money managers|Philanthropists from New York (state)|American stock traders|Bear Stearns people|Bisexual men|Businesspeople from Connecticut|Businesspeople from New York City|Businesspeople from the San Francisco Bay Area|Harvard College alumni|Stock and commodity market managers|United States Air Force officers|Yale School of Forestry & Environmental Studies alumni|People from New London, Connecticut|People from Cornwall, Connecticut|LGBT people from Connecticut|LGBT businesspeople from the United States|African-American businesspeople|Henry Crown Fellows
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