Posted on July 21, 2017
Growing as an investor entails diversifying your investment portfolio. This is exactly what Legg Mason did after signing deals spanning from hedge funds, exchange-traded funds (ETFs) and real estate. According to Mary Althridge, spokesperson of Legg Mason, these investments will see it become a minority shareholder at Precidian Investments which specializes in ETFs. It will own majority stake at Clarion Partners. In addition, the company made deals to merge its EnTrust Capital and Permal Group in hedge funds management.
Further details on the three deals indicate that, the $585 million buyout of Clarion Partners from former owners, Lightyear Capital, will see Legg Mason become the majority shareholder with 83%. The deal further required the latter to pay for co-investments in the real estate company to the tune of $16 billion by December 2016. Part of the deal was that the management team at Clarion Partners, will retain their 17% minority stake. These include the CEO of Clarion Partners, Stephen J. Furnary and other top-level management who have penned down long-term contracts. By the beginning of the year, Clarion Partners was a subsidiary, fully operational company, affiliated with Legg Mason. To date, Clarion Partners oversees assets worth over $40 billion.
In the second deal, Legg Mason paid $400 million in a partnership with EnTrust. Legg Mason’s Permal and Gregg S. Hymowitz’s EnTrust, were to merge in their hedge funds management. The newly formed company, EnTrustPermal, will combine its $12 billion formerly managed by EnTrust which is made up of over 450 institutional investors’ hedge funds with Permal’s European and retail clients’ $14.5 billion. The collective figure of $26.4 billion ranks EnTrustPermal Company, based on the yearly survey by Pensions & Investments, the fifth largest hedge funds-of-funds company countrywide. A management retention was also seen in this deal. Starting mid-2016, EnTrustPermal was under Gregg S. Hymowitz’s leadership who served as the CEO and also owned 35% stake of the company. Part of the newly-formed EnTrustPermal’s strategy, it will be floating 18 hedge funds strategies across its 11 offices run by 55 financial professionals. This synergetic combination is poised to save the hedge fund conglomerate up to $30-$40 million in costs.
Lastly, the ETF deal with Precidian saw Legg Mason purchase a 19.9% minority stake. The deal was flexible because it allows increase in shareholding, if the latter would want to become a majority owner at Precidian in future. As a result, the three deals have seen Legg Mason begin 2017 with an investment portfolio managing assets in excess of $671.5 billion.
Posted on June 28, 2017
The Buena Vista neighborhood located between Little Haiti and the Design District in Miami, Florida was first established in the 1920’s. The Buena Vista East Historic District is on the National Historic Registry with numerous mansions that have maintained their integrity and antiquity throughout the years. The Buena Vista neighborhood sits on the Northside of the acclaimed Miami Design District filled with architectural firms, over 130 art galleries, design educational facilities and schools, luxury boutiques, antique shopping, upscale restaurants, and more.
The luxury shopping includes famous names such as Hermes, Christian Louboutin, Tom Ford, Prada and more. The infamous Art Basel week brings the most talented and influential artists, collectors, designers, curators and others together creating museum-quality exhibits and generating synergy amongst the public.
The Miami Design District attracts celebrities for travel and establishing residency such as Madonna, Gloria Estefan, Shakira, and Anna Kournikova. Other celebrities that have purchased homes in the art-deco Miami Design District are Gianni Versace, Sylvester Stallone, Lenny Kravitz, Craig Robins, and Rickey Martin. Other celebs are seen frequently at Prime 112 Steakhouse with private dining rooms in an exquisite antique home where Gloria Estefan, Cameron Diaz, and numerous other prominent figures have dined. The Petit Miami Beach Restaurant with Mediterranean cuisine and artistic flare attract artists such as Giorgio Armani and Calvin Klein, who partake in the expressive atmosphere regularly. The chic atmosphere of the Sea salt and Pepper Restaurant attracts many famous patrons such as Beyoncé, Victoria Beckham and Sofia Vergara, with international seafood, acclaimed pizza, an outdoor patio lounge, and indoor dining with spectacular Miami skyline city views.
Emilio and Gloria Estefan recently opened Estefan Kitchen serving fine Cuban cuisine. Chef Odell Torres, who heads the Estefan’s Larios on the Beach and Bongos Cuban Café, is overseeing the fine-dining eatery located in the Miami Design District. Stars from around the world not only visit and live in the exquisite Buena Vista and surrounding areas, but, open restaurants, bars, hotels, shops, galleries, and more as one of the hot-spot destinations.
Posted on June 28, 2017
New York City is home to the tallest building in the Western Hemisphere, and is the sixth tallest building in the entire world; the One World Trade Center. It also features skyscrapers like the Bank of America Tower and the ESRT Empire State Building in Manhattan which were designed with the world in mind. It features a beehive on the roof of the building! We also can’t fail to mention the popular Trump World Tower.
The One World Trade Center
The roof on this high rise is 1,368 feet (417 m) high up in the sky. This iconic building kept the same name as the original World Trade Center, which was completely obliterated on 9/11. It’s massive size consumed an entire block featuring West Street on the west side, Vesey Street on the north side, Fulton Street on the south, and Washington Street on the east side. Currently the land it’s sitting on is owned by The Port Authority and the leases are owned by Larry Silverstein.
The Bank of America Tower in Manhattan
This massive building cost $1 Billion dollars to complete and is said to be one of the most ecologically friendly buildings in the entire world. You should visit the Urban Garden Room at 43rd Street and 6th Avenue, as it is open to anyone who would like to visit. This building has its own greywater system in which it reuses and recycles any rain water it collects. They have also provided some very unique waterless urinals to save on water consumption. In 2013 they invited Brooklyn Grange Rooftop Farm to maintain and develop two bee hives. The tower has been featured in the hit TV show Daredevil where two actors meet in the lobby for a meeting.
The Trump World Tower
The Trump World Tower has been under a great deal of scrutiny in modern politics as well as during its construction. Over $500,000 were raised opposing the buildings construction. All opponents ended up losing the battle and the tower was raised. It’s currently a residential building that was designed by architect Costas Kondylis. It is 72 floors that were bought and built by Donald Trump and the Daewoo Corporation from South Korea. It is currently the second tallest all-residential building in the world, right behind the 21st Century Tower in Dubai. Many famous people have either rented or stayed in this building, including Derek Jeter from the New York Yankees, Bill Gates, Sophia Loren, and others. In June of 2001 Donald Trump sold the 45th floor to the Kingdom of Saudi Arabia who use the apartments as part of its Mission to the United Nations.
There are so many wonderful high rises in New York City and each of them have a very special and personal story behind them. You’ll never run out of reasons to explore and visit them.
Updated on April 28, 2017
Stretching back into the earliest days of our society, there has always been individuals who are able to capture the intricacies and nuances of what it means to be a human within frozen moments of their art. Equally stretching into our history, there have always been those who wish to collect these expressions to showcase to the world or in some cases to enjoy in the privacy of their own homes.
Though an aged tradition, art collecting has seen a revival in the last few decades as modern artists have found new ways of not only expressing themselves but new ways in which to connect with patrons of the arts.
Entering the World of Art Collecting
If you have begun to make the transition from casual art lover and observer to amateur collector, it may be difficult to know where to begin or even where to find pieces worthy of your collection, especially in a city new to the arts such as Miami.
But none the less if you are undaunted and sure of your eye and tastes, your abilities to source great art will naturally progress. But to get you started
Finding Art Directly From the Artist
Though a little more difficult than other methods of beginning your art collection, building repertoire with local artists in the community can open up your collection to pieces that otherwise you may never have found. Celebrities like Leonardo Di Capro and George Lindemann have taken this step to heart in building his art collection. Often the red carpet attendee is seen attending gallery openings and engaging with featured artists.
Source Your Collection from a Broker
If gallery opening nights and patronage are not your particular tastes, then purchasing from an art broker may be your best option. Miami is home to quite a few dealers and brokers who are able to guide you in your purchase.
Posted on April 25, 2017
There has been a tremendous outpour of benefits seen in the state of Maine, all thanks to tax credits for rural development and investment opportunities. The United States Department of Treasury has given $80 million in new markets tax credit capacity in the state of Maine. This made way for economic development projects to create opportunity in rural communities and low income areas. Since these new markets tax credits, there have been nearly one hundred projects since 2004. This effectively created, or preserved nearly 5,000 permanent jobs in primarily rural areas. There have been twenty- two projects financed in Maine, with about $274 million in new market funds. Each dollar that Maine put into the new markets program has in turn generated $21.67 of gross state product. This helped to boost the economic activity, including sales and taxes. It is estimated that the new markets program will result in a $15.8 million revenue gain for the state budget between 2013 and 2021. This gain can be used to help fund other critical state programs. OPEGA has shown that this program has created and/or retained 764 permanent jobs in the state of Maine.
The Maine New Markets Tax Credit program has also created or saved more than 1,000 indirect jobs. Had it not been for this investment program, these jobs would not exist. Thanks to the new markets tax credit program and initiatives of similar effect at both state and federal levels, resources are being secured necessary to make significant improvements and boosts to the economy. This federal program was created to stimulate an investment in the economy and to help economically distressed communities to generate jobs and ultimately improve the lives of the residents. There is even a model for conservation in the rural woods of north-central Maine. This would contribute to the local economy, the environment and social equity, all the while still supporting forest-products, jobs and even new outdoor recreational opportunities for the public.
All in all, there has been tons of economic benefits seen in the state of Maine, all thanks to tax credits for rural development and investment opportunities. The boost to the economy since this program has been tremendous and has brought outstanding results to the state of Maine. With Maine’s economy struggling to get a foothold, the new markets tax program was definitely critical to providing much needed investment to the economic growth of the state of Maine and will likely be boosting and stabilizing the economy for years to come.
Posted on April 10, 2017
On January 4th, 2017, a report from Fort Lauderdale, FL about the Island Global Yachting Marinas or IGY Marinas plans to expand were announced. IGY Marinas will increase its marina portfolio’s territory with the add-on of One Island Park within Miami Beach’s Terminal Island in Florida. This will be the first time IGY will expand its world-renowned and award-winning benefits within the Southern Florida region. Numerous international yacht and general boating enthusiasts are ecstatic about the new location’s opening, welcoming the addition of a new 15th district that will be able to accommodate water vessels over 300 feet wide.
IGY Marinas CEO, Tom Mukamal claims “Miami is one of the leading luxury yacht locations in the United States”, he goes on to state that the “This exclusive Miami Beach superyacht facility not only allows IGY to showcase our unmatched services to the superyacht market, but also attract even larger vessels to the destination. IGY Marinas is excited about the year ahead, and we are thrilled to begin 2017 with a marina in South Florida.” The marinas in the newer One Island Park area has one of the biggest and most exclusive tailor made megayacht docks within the U.S.
Gili Wojnowich, the IGY Marinas general manager, has dealt with the operations manager in order to relay the team real-time analysis and direct the executive team working on the construction on the Miami Beach marina locale. Wojnowich has supported countless business developments and marina acquisitions. Along with work experience under his belt, this projects general manager has received a dual Bachelor’s degree in Finance and Spanish from the Emory University, he is also a fluent Hebrew, English, and Spanish speaker. By having a seasoned professional on board the project IGY Marinas hopes to ease its clients in a smooth transition. IGY corporate leadership includes Andrew Farkas, Frank Garrison and Mark Lande.
In addition to being the globe’s largest leader in the business of enormous sea vessel support chains, the IGY Marina based in Fort Lauderdale, Florida, has locations in Mexico, Panama, Colombia, Caicos and many other international provinces. Over 8,000 uncommon and rare seacrafts are serviced by experienced crew members who have extensive knowledge on all nautical transportation and maintenance. IGY Marina’s duties also encompass the catering of a wide-ranging of varying markets such as cruise, sportfish, mega yachts and much more. With over 300 sea faring crafts that usually reach over 80 feet to take in, IGY Marinas is highly capable.
Posted on March 14, 2017
Miami, long recognized as one of the leading beach tourist destinations in the nation, has so much more to offer visitors than warm, crystal-clear waters and pristine sandy beaches and George Lindemann. The city has also emerged as an internationally-renowned arts and cultural exhibition leader, with fantastic viewing opportunities in art museums, exhibitions, and shows spanning a wide variety of artistic mediums.
For devotees of contemporary art, there are an extraordinary number of museums and institutions in which they can go to. From local and emerging artists to world famous international artists and pieces, Miami has offerings to suit most everyone’s tastes and interests in this medium.
Contemporary art fans have a nice variety of viewing options if they wish to view collections of those individuals and families that have emerged as stars in the art world. Some very popular and prominent collections able to be seen in Miami include:
The Rubell Family Collection. One of the world’s largest and respected privately owned contemporary art collections, this collection was brought to its Miami home in 1993.
This collection, which is constantly expanding, is exhibited in a 40,000 square foot facility, and is publicly accessible for viewing. In addition to featuring well-known artists, they strive to exhibit and champion the efforts of emerging artists in the field of contemporary art. Don and Mera Rubell, along with their son Jason, created the Contemporary Arts Foundation (CAF) in 1994 to expand the Rubell Family Collection’s public mission to develop the paradigm of contemporary art museum efforts.
The de la Cruz Collection. This massive collection of contemporary art is housed in a 30,000 square foot extension of the home of Carlos and Rosa de la Cruz, and is free of charge for visitors to view.
The Collection, opened in 2009, features works of many prominent contemporary artists, and had Carlos and Rosa de la Cruz listed by ArtNews in 2016 in their worldwide survey of “Top 200 Collectors”.
Efforts by this foundation have been greatly instrumental in serving and educating local schools in Dade County. They hold a number of series of classes and workshops, serving both teachers and students. They go even further in their philanthropic pursuit, going on to sponsor annual travel programs for students to New York City, Europe, and China.
The de la Rosas, with their considerable resources and love for contemporary art, are striving to make Miami a capital of contemporary art. And as a result of their love and commitment to the promotion of this which is such a passion in their lives, it is now happening, much to the great joy of art lovers all throughout Miami.
Miami is the home to a number of celebrities with impressive art collections. American rapper, record and film producer Pharrell Williams is a huge contemporary art fan, and has a collection of over 700 pieces of art and sculpture in his Miami townhouse. Billionaire businessman Norman Braman, former owner of the NFL’s Philadelphia Eagles, has an estimated $900 million of his $1.6 billion net worth tied up in his personal collection of artwork, which include Picasso, Andy Warhol, and others.
Updated on February 22, 2017
Introduction to House Flipping
What is house flipping? Typically, a buyer finds a house that is sold at a good price and is in need of rehabbing, and buys and finances the home and the remodeling process. Once the remodeling process is complete, and the value of the home has consequently increased, the buyer then puts the house on the market.
Why are house flipping shows so popular? The genre gained a following just before and during the Great Recession. In fact one of the preeminent minds in House Flipping, Than Merrill of the Fortunebuilders started out on the show Flip this House in 2007.
Here are the top three house flipping shows. Two are currently on the air, and the third mentioned above concluded in 2009.
Fixer Upper follows Chip and Joanna Gaines, a husband-and-wife team, as they flip houses in and around Waco, TX. The show debuted in 2013. On each flip, Chip is the lead contractor and Joanna is the designer. Chip and Joanna also own Magnolia Market, which sells rustic home accessories in line with their design aesthetic.
The Gaines also own and rent out a B&B, the Magnolia House.
Flip or Flop
Flip or Flop follows Tarek and Christina El Moussa, a husband-and-wife team, as they flip and sell houses in Southern California. Southern California is typically a very tough real estate market, and some of their flips are not successful. The show, which debuted in 2013, focuses on the El Moussas buying and flipping foreclosed, bank-owned, or short-sale homes.
Christina and Tarek work together to find, buy, and renovate these homes. The couple also owns a real estate agency, the El Moussa Group.
Flip this House
Flip this House was one of the first house flipping shows on TV. It premiered in 2005 on A&E and concluded its fifth and final season in 2009. It followed several groups of real estate brokers in different parts of the country (Charleston, San Antonio, Atlanta, and New Haven, CT). Over the course of the 5 yrs on-air, the teams flipped numerous homes and showed the ins-and-outs of buying distressed properties, rehabbing them and reselling them.
Updated on February 17, 2017
When a disaster happens the first thing of importance is to offer assistance to the people who have been affected. The American Red Cross, The Salvation Army, and United Way are examples of organizations that immediately come to mind when we think of disaster relief. What a lot of people do not realize many private, non-profit, public, and volunteer organizations offer disaster relief. National Voluntary Organizations Active in Disaster (VOAD) is a community of organizations active in every phase of emergency assistance, VOAD provides a platform for these agencies to work together, through communication, collaboration, and coordination. VOAD, founded in 1970, has grown to over 100 member organizations dedicated to delivering hope in a time of need.
Many relief organizations are readily recognized; there are numerous lesser known, who do equally important work in disaster relief.
Islamic Relief USA
Islamic Relief USA (IRUSA) and its staff of volunteers, partners, and supporters have been working together for almost 25 years to make the world a better place. Guided by the values and teachings of the Qur’an, Islamic Relief USA does not distinguish between gender, race, or religion in their mission to provide relief and development in a dignified manner. To raise funds for domestic and international projects IRUSA sponsors seminars holds banquets, and concerts and participates in public awareness programs throughout the United States. IRUSA has regional offices in several states, including California, Illinois, Florida, New Jersey, Texas, and Virginia.
Presbyterian Disaster Assistance
Presbyterian Disaster Assistance (PDA) is the disaster relief program of the Presbyterian Church USA; the program funded by donations from church members. Some of the disasters PDA has responded to are Southern Tornadoes, Tennessee Wildfires, Gulf Flooding in 2016, and West Virginia Floods, over 20 states have received relief from PDA. Internationally PDA has responded to the Ebola crisis, Nepal Earthquake 2015, European refugee crisis, and the Middle East disasters in Iraq and Syria. Presbyterian Disaster Assistance provided in Europe, Asia, Africa, Latin America and the Middle East.
Convoy of Hope
Convoy of Hope is a relief organization that works with churches, businesses, and other nonprofits to give help and hope to people who are impoverished, hungry and misfortunate. Founded in 1994 by a family who had received help after their father was killed by a drunk driver, to date this organization has helped almost 80 million people both domestically and internationally in 48 states and 114 countries.
The peoples of the world owe a debt of gratitude to organizations like VOAD, the few mentioned and the hundreds of others who are working to make the world a better place.
Posted on February 14, 2017
Undercover Colors is the revolutionary new product that people are using to prevent drug-assisted date-rape. Statistics show that close to 20% of all women in the US will be a victim of sexual assault during their lifetime. Some of those assaults are committed by incapacitating the victim with so-called ‘date rape’ drugs, like rohypnol or GHB.
To combat this situation, Undercover Colors invented a nail polish that reacts to the chemicals and changes colors if the drug is in the drink. A person merely needs to swirls a finger in the glass, and the polish will change colors if a drug is present.
Two of the inventors are bright young Ph.D. candidates at Duke University, Ankesh Madan, and Tasso Von Windheim. They founded the company back in their undergrad days at North Carolina State and had continued working on it since then. The two men have a unique background and are committed to making the product a staple in cosmetics supplies. Here are a few highlights of these young people.
Ankesh loved science and technology since he was a kid. He built a radio as a junior high student and focused on engineering and math during his high school years. He’s had a unique upbringing with strong family values
- Born in Thailand in 1993, lived in Jakarta, Indonesia and moved to the US in 1999
- Studying for his PhD in Mechanical Engineering at Duke
- Has always been interested in math and science
- Father was an engineer and manager. Ankesh learned both the technical and business side of technical fields
- Very goal oriented until he began the Undercover Colors business. Now he loves the process and has realized how science directly affects lives
Tasso Von Windheim
Tasso’s parents moved to Costa Rica for a year while his father pursued a business opportunity. He was motivated to be part of Undercover Colors because he knows women who have been victims of drug-assisted rape.
- Born in a small town in Canada but has spent most of his life in Raleigh, North Carolina
- He is a first year Ph.D. candidate in Eleclectrical Engineering and Computer Science at Duke
- Earned his Bachelor’s Degree in Material Science
- Spent a year in a small village in Costa Rica
- His father was an entrepreneur and inspired Tasso