Melvin Capital
{{Short description|American investment management firm}}
{{Use mdy dates|date=February 2021}}
{{Infobox company
| name = Melvin Capital Management LP
| native_name =
| logo = Melvin Capital.png
| logo_size =
| founder = Gabriel Plotkin
| area_served =
| key_people = {{ubl|Gabriel Plotkin (CIO)|David F. Kurd (COO)}}
| industry = Investment management
| aum = {{US$|7.8 billion}} (Apr. 2022)
| genre =
| num_employees =
| products =
| services =
| operating_income =
| divisions =
| subsid = Melvin Capital II Offshore Ltd
| footnotes =
| foundation = {{start date and age|2014}}
| defunct = {{End date and age|2022|06|30}}
| hq_location = New York City, U.S.
| locations =
| homepage =
}}
Melvin Capital Management LP was an American investment management firm based in New York City.{{Cite news |last=Goldstein |first=Matthew |date=August 15, 2014 |title=A Former Top SAC Capital Trader Names New Hedge Fund |work=The New York Times |url=https://dealbook.nytimes.com/2014/08/15/a-former-top-sac-capital-trader-names-new-hedge-fund/ |url-status=live |access-date=July 21, 2019 |archive-url=https://web.archive.org/web/20191001185558/https://dealbook.nytimes.com/2014/08/15/a-former-top-sac-capital-trader-names-new-hedge-fund/ |archive-date=October 1, 2019}} It was founded in 2014 by Gabriel Plotkin, who named the firm after his late grandfather.
On May 18, 2022, Plotkin announced that the fund would close and return any remaining customer funds by June 2022. Its assets under management (AUM) in April 2022 were about $7.8 billion.{{Cite Q|Q114844442|access-date=2023-06-20 }}
Melvin Capital invested primarily in technology and consumer stocks and was noted for its high annual returns in comparison to other hedge funds.{{Cite news |last1=Chung |first1=Juliet |last2=Pulliam |first2=Susan |last3=Michaels |first3=Dave |date=2022-08-11 |title=WSJ News Exclusive {{!}} SEC Investigating Melvin Capital Management |language=en-US |work=Wall Street Journal |url=https://www.wsj.com/articles/sec-investigating-melvin-capital-management-11660232545 |access-date=2023-08-14 |issn=0099-9660}} It was reported to have $8{{nbsp}}billion in AUM as of January 2021.
During the GameStop short squeeze of 2021, it sustained losses of 53% or $6.8 billion, at one point losing more than a billion dollars a day;{{Cite news|last=Chung|first=Juliet|date=2022-01-28|title=Hedge Fund Melvin Lost $6.8 Billion in a Month. Winning It Back Is Taking a Lot Longer.|language=en-US|work=Wall Street Journal|url=https://www.wsj.com/articles/melvin-plotkin-gamestop-losses-memestock-11643381321|access-date=2022-01-29|issn=0099-9660}} in Q1 2021, the firm's assets declined 49%, and it finished 2021 down more than 39% on the year, during which the S&P 500 rose 28.7%.{{Cite Q|Q119801331|access-date=2023-06-20}}{{Cite Q|Q119801414|access-date=2023-06-20}} Melvin Capital began January 2022 down 17%.
History
=Background=
After graduating from Northwestern University with a degree in economics in 2001, Gabriel Plotkin joined Ken Griffin's hedge fund Citadel LLC, and later Connecticut-based hedge fund North Sound Capital.{{cite news |last1=Kishan |first1=Saijel |last2=Foxman |first2=Simone |date=January 6, 2015 |title=Ex-Point72 Manager Plotkin Is Said to Raise $700 Million |url=https://www.bloomberg.com/news/articles/2015-01-06/ex-point72-manager-plotkin-said-to-raise-700-million-for-fund |url-status=live |archive-url=https://web.archive.org/web/20160731073450/http://www.bloomberg.com/news/articles/2015-01-06/ex-point72-manager-plotkin-said-to-raise-700-million-for-fund |archive-date=July 31, 2016 |access-date=January 27, 2021 |website=Bloomberg.com}} Prior to starting Melvin Capital, Plotkin was a trader at Steve Cohen's SAC Capital, where he managed a portfolio of mostly consumer stocks valued at about $1.3 billion.
Plotkin was mentioned in the Securities and Exchange Commission's civil complaint against Michael Steinberg, a fellow SAC portfolio manager who was arrested on charges he traded Dell's earnings based on insider information.{{Cite news |date=April 3, 2013 |title=The burden of being SAC Capital's "Portfolio Manager B" |language=en |work=Reuters |url=https://www.reuters.com/article/idUS310089300120130403 |url-status=live |access-date=January 27, 2021 |archive-url=https://web.archive.org/web/20210128171024/https://www.reuters.com/article/idUS310089300120130403 |archive-date=January 28, 2021}} During his time at SAC Capital, Plotkin allegedly received emails containing illegal insider information,{{cite news |date=July 19, 2013 |title=Senior manager at SAC Capital indicted for fraud |url=https://www.investmentnews.com/senior-manager-at-sac-capital-indicted-for-fraud-50572 |url-status=live |archive-url=https://web.archive.org/web/20210126202941/https://www.investmentnews.com/senior-manager-at-sac-capital-indicted-for-fraud-50572 |archive-date=January 26, 2021 |access-date=January 27, 2021 |website=InvestmentNews |language=en-US}} but was not charged with any wrongdoing.
=Foundation and performance before 2021=
File:Gabe Plotkin Headshot.jpg testified to the House Financial Services Committee about Melvin Capital's involvement in the GameStop short squeeze in 2021]]
Plotkin founded Melvin Capital, after leaving SAC in late 2014, naming the fund after his late grandfather who was a small-business owner. He raised nearly $1 billion.{{Cite news |last=Saacks |first=Bradly |date=June 28, 2019 |title=One of this year's top hedge funds has been $7 billion Melvin Capital run by a former top money-maker for Steve Cohen |work=Business Insider |url=https://www.businessinsider.com/gabe-plotkins-fund-melvin-capital-returns-2019-6 |url-status=live |access-date=July 15, 2019 |archive-url=https://web.archive.org/web/20190715193823/https://www.businessinsider.com/gabe-plotkins-fund-melvin-capital-returns-2019-6 |archive-date=July 15, 2019}}{{Cite news |last1=Alden |first1=William |last2=Goldstein |first2=Matthew |date=February 17, 2015 |title=Seeing Value After a Plunge, Hedge Funds Bet on Energy Stocks |work=The New York Times |url=https://dealbook.nytimes.com/2015/02/17/hedge-funds-offer-peek-at-their-holdings/ |url-status=live |access-date=July 15, 2019 |archive-url=https://web.archive.org/web/20190715193826/https://dealbook.nytimes.com/2015/02/17/hedge-funds-offer-peek-at-their-holdings/ |archive-date=July 15, 2019}} Plotkin described the fund to Bloomberg as "a very human-intensive place. We have a lot of analysts, we require a lot out of them."{{Cite news |date=July 19, 2019 |title=Cohen Cub Gabe Plotkin Sees Fund Surge About 44% This Year |language=en |work=Bloomberg.com |url=https://www.bloomberg.com/news/articles/2019-07-19/cohen-cub-gabriel-plotkin-sees-fund-surge-about-44-this-year |url-status=live |access-date=January 27, 2021 |archive-url=https://web.archive.org/web/20210127012832/https://www.bloomberg.com./news/articles/2019-07-19/cohen-cub-gabriel-plotkin-sees-fund-surge-about-44-this-year |archive-date=January 27, 2021}} He also said that the fund has an "intense focus" on the short side (i.e. short selling).
The fund was noted for having high returns between 2014 and 2020, averaging 30% annually.{{Cite news |last=Herbst-Bayliss |first=Svea |date=2022-05-19 |title=Melvin Capital to shut after heavy losses on meme stocks, market slump |language=en |work=Reuters |url=https://www.reuters.com/markets/us/hedge-fund-melvin-capital-tells-investors-it-plans-shut-down-letter-2022-05-18/ |access-date=2023-08-07}} In its first full year in operation, Melvin Capital had returns of 47%, ranking it 2nd in Bloomberg
In 2015, nearly two-thirds of the fund’s 67% returns (before fees) derived from its short positions. Notable short positions included bets against J.C. Penney Co. and renewable-energy company SunEdison Inc., both of which ultimately went bankrupt.
In 2017, the fund finished up 41%.{{Cite news |last=Vardi |first=Nathan |date=April 17, 2018 |title=The 25 Highest-Earning Hedge Fund Managers And Traders |work=Forbes |url=https://www.forbes.com/sites/nathanvardi/2018/04/17/the-25-highest-earning-hedge-fund-managers-and-traders-3/#4058a0283596 |url-status=live |access-date=July 15, 2019 |archive-url=https://web.archive.org/web/20190707082630/https://www.forbes.com/sites/nathanvardi/2018/04/17/the-25-highest-earning-hedge-fund-managers-and-traders-3/#4058a0283596 |archive-date=July 7, 2019}} Notable investments included Chewy.com, Amazon.com, Las Vegas Sands, Alibaba, and shorting GameStop.{{cite news |title=Melvin Capital - Current Investments |url=https://fintel.io/i/melvin-capital-management-lp |url-status=live |archive-url=https://web.archive.org/web/20210205191819/https://fintel.io/i/melvin-capital-management-lp |archive-date=February 5, 2021 |access-date=October 10, 2019 |publisher=Fintel.io}}
The fund had returns of 44% in 2019. According to The Wall Street Journal, about one-third of the gains in 2019 from Point72 came from Melvin Capital Management LP.{{Cite news |last=Levy |first=Rachael |date=August 5, 2019 |title=An Outside Hedge Fund Is Driving Steve Cohen's Gains |work=The Wall Street Journal |url=https://www.wsj.com/articles/an-outside-hedge-fund-is-driving-steve-cohens-gains-11565004717 |url-status=live |access-date=August 10, 2019 |archive-url=https://web.archive.org/web/20190809071205/https://www.wsj.com/articles/an-outside-hedge-fund-is-driving-steve-cohens-gains-11565004717 |archive-date=August 9, 2019}}
At the end of 2020, it was reported to have made returns of 52%, making it one of the highest-performing hedge funds. In September 2020 the name of company showed up in the Polish Short Sale Registry ({{lang|pl|Rejestr Krótkiej Sprzedaży}}) because of a short position in game developers CD Projekt, a net position of 0.55 percent through the Polish stock exchange (GPW).{{cite news |title=Spora aktywność na CD Projekcie na razie bez wpływu na kurs - Stooq |url=https://stooq.pl/mol/?id=14901 |url-status=live |archive-url=https://web.archive.org/web/20210122021801/https://stooq.pl/mol/?id=14901 |archive-date=January 22, 2021 |access-date=September 24, 2020}}{{cite news |title=RSS UKNF |url=https://rss.knf.gov.pl/RssOuterView/faces/hspsList.xhtml |url-status=live |archive-url=https://web.archive.org/web/20201031011229/https://rss.knf.gov.pl/RssOuterView/faces/hspsList.xhtml |archive-date=October 31, 2020 |access-date=October 27, 2020}}
It consistently remained one of the top performing hedge funds until 2021. Melvin charged investors an annual management fee of 2% and up to 30% of its profits, among the highest fee packages in the hedge fund industry.
=2021 losses=
{{See also|GameStop short squeeze}}
In early 2021 the fund lost over 30% due to numerous short bets that went awry, including GameStop. Users of the subreddit r/WallStreetBets made widespread bets believing that GameStop's stock would increase in value.{{Cite news |last=Wallace |first=Joe |date=January 25, 2021 |title=GameStop Stock Jumps to New Record |language=en-US |work=Wall Street Journal |url=https://www.wsj.com/articles/gamestop-shares-surge-toward-fresh-record-ahead-of-opening-bell-11611579224 |url-status=live |access-date=January 27, 2021 |archive-url=https://web.archive.org/web/20210127153034/https://www.wsj.com/articles/gamestop-shares-surge-toward-fresh-record-ahead-of-opening-bell-11611579224 |archive-date=January 27, 2021 |issn=0099-9660}} In January, Citadel and Point72 invested $2.75 billion in Melvin in exchange for non-controlling revenue shares of the fund.{{Cite news |last=Chung |first=Juliet |date=January 25, 2021 |title=Citadel, Point72 to Invest $2.75 Billion Into Melvin Capital Management |work=The Wall Street Journal |url=https://www.wsj.com/articles/citadel-point72-to-invest-2-75-billion-into-melvin-capital-management-11611604340 |url-status=live |url-access=subscription |access-date=January 25, 2021 |archive-url=https://archive.today/20210126062245/https://www.wsj.com/articles/citadel-point72-to-invest-2-75-billion-into-melvin-capital-management-11611604340 |archive-date=January 26, 2021}}{{Cite news |last=McCabe |first=Caitlin |date=January 14, 2021 |title=GameStop Stock Soars, and Social-Media Traders Claim Victory |language=en-US |work=Wall Street Journal |url=https://www.wsj.com/articles/gamestop-stock-soars-and-social-media-traders-claim-victory-11610653679 |url-status=live |access-date=January 23, 2021 |archive-url=https://web.archive.org/web/20210127043245/https://www.wsj.com/articles/gamestop-stock-soars-and-social-media-traders-claim-victory-11610653679 |archive-date=January 27, 2021 |issn=0099-9660}}{{Cite news |last=Chung |first=Juliet |date=January 22, 2021 |title=WSJ News Exclusive {{!}} Short Bets Pummel Hot Hedge Fund Melvin Capital |language=en-US |work=Wall Street Journal |url=https://www.wsj.com/articles/short-bets-pummel-hot-hedge-fund-melvin-capital-11611349217 |url-status=live |access-date=January 23, 2021 |archive-url=https://web.archive.org/web/20210127140132/https://www.wsj.com/articles/short-bets-pummel-hot-hedge-fund-melvin-capital-11611349217 |archive-date=January 27, 2021 |issn=0099-9660}}{{cite news |date=January 25, 2021 |title=Ken Griffin's $2 billion bet |url=https://www.chicagobusiness.com/finance-banking/ken-griffins-2-billion-bet |url-status=live |archive-url=https://web.archive.org/web/20210126210146/https://www.chicagobusiness.com/finance-banking/ken-griffins-2-billion-bet |archive-date=January 26, 2021 |access-date=January 25, 2021 |website=Crain's Chicago Business |language=en}} CNBC's Andrew Ross Sorkin reported that Melvin Capital had closed (i.e. covered) its short position in GameStop on January 26 in the afternoon, although CNBC could not confirm the amount that Melvin Capital lost. Melvin Capital also refuted rumors that the fund intended to file for bankruptcy.{{cite news |last=Li |first=Yun |date=January 27, 2021 |title=Melvin Capital, hedge fund targeted by Reddit board, closes out of GameStop short position |url=https://www.cnbc.com/2021/01/27/hedge-fund-targeted-by-reddit-board-melvin-capital-closed-out-of-gamestop-short-position-tuesday.html |url-status=live |archive-url=https://web.archive.org/web/20210128010414/https://www.cnbc.com/2021/01/27/hedge-fund-targeted-by-reddit-board-melvin-capital-closed-out-of-gamestop-short-position-tuesday.html |archive-date=January 28, 2021 |access-date=January 27, 2021 |website=CNBC |language=en}}{{cite news |last=Watts |first=William |title=Hedge fund Melvin Capital closes out GameStop short: CNBC |url=https://www.marketwatch.com/story/hedge-fund-melvin-capital-closes-out-gamestop-short-cnbc-2021-01-27 |url-status=live |archive-url=https://web.archive.org/web/20210205191822/https://www.marketwatch.com/story/hedge-fund-melvin-capital-closes-out-gamestop-short-cnbc-2021-01-27 |archive-date=February 5, 2021 |access-date=January 27, 2021 |website=MarketWatch |language=en-US}} On January 27 Bloomberg News reported that losses had continued past the 30% reported on January 24 by The Wall Street Journal (WSJ).{{Cite news|last1=Burton|first1=Katherine|last2=Parmar|first2=Hema|date=January 27, 2021|title=Reddit Traders Bludgeon Melvin Capital in Warning to Wall Street|language=en|work=Bloomberg|url=https://www.bloomberg.com/news/articles/2021-01-27/bros-on-reddit-bludgeon-melvin-capital-in-warning-to-wall-street|url-status=live|access-date=January 27, 2021|archive-url=https://web.archive.org/web/20210127145141/https://www.bloomberg.com/news/articles/2021-01-27/bros-on-reddit-bludgeon-melvin-capital-in-warning-to-wall-street|archive-date=January 27, 2021}} The fund had also repositioned its portfolio according to the source. During the height of the squeeze, Melvin was reportedly losing more than a billion dollars a day.
The short position adopted by Melvin Capital and others resulted in more than 139% of existing shares of GME being shorted, making GameStop stock the most shorted equity in the world.{{cite news |last=D'Souza |first=Deborah |title=Short Sellers Lose $5.05 Billion in Bet Against GameStop |url=https://www.investopedia.com/short-sellers-lose-usd5-05-billion-in-bet-against-gamestop-5097616 |url-status=live |archive-url=https://web.archive.org/web/20210128104616/https://www.investopedia.com/short-sellers-lose-usd5-05-billion-in-bet-against-gamestop-5097616 |archive-date=January 28, 2021 |access-date=January 29, 2021 |website=Investopedia |language=en}} Through the end of January 2021, the fund was down 53%, according to WSJ.{{Cite news |last=Chung |first=Juliet |date=January 31, 2021 |title=WSJ News Exclusive {{!}} Melvin Capital Lost 53% in January, Hurt by GameStop and Other Bets |language=en-US |work=Wall Street Journal |url=https://www.wsj.com/articles/melvin-capital-lost-53-in-january-hurt-by-gamestop-and-other-bets-11612103117 |url-status=live |access-date=January 31, 2021 |archive-url=https://web.archive.org/web/20210131142830/https://www.wsj.com/articles/melvin-capital-lost-53-in-january-hurt-by-gamestop-and-other-bets-11612103117 |archive-date=January 31, 2021 |issn=0099-9660}} In February, Melvin posted a 22% gain; even with this addition, Melvin would need to produce an additional 75% gain for earlier clients before breaking even.{{Cite news|last1=Burton|first1=Katherine|last2=Parmar|first2=Hema|date=March 4, 2021|title=Melvin Capital Dusts Off From GameStop Fiasco With 22% Gain|website=MSN|agency=Bloomberg|url=https://www.msn.com/en-us/money/companies/melvin-capital-surged-22percent-in-february-after-gamestop-disaster/ar-BB1edb5F|access-date=2021-03-05}} At the end of Q1 2021, Melvin reported losses of 49%; at the close Q2 2021, Melvin was reported to be down 46% on the year; and as of November 2021, Melvin was reported to be down 42% on the year.{{Cite web|last=Porzecanski and Parmar|first=Katia and Hema|date=July 8, 2021|title=Melvin Can't Shake Reddit Attack With 46% Loss in First Half|url=https://www.bloomberg.com/news/articles/2021-07-08/melvin-can-t-shake-reddit-attack-with-46-loss-in-first-half|website=Bloomberg}}{{Cite news|last=Chung|first=Juliet|date=2021-07-10|title=The Meme Stock Rally Hurt Melvin and Maplelane. It Hasn't Gotten Easier Since.|language=en-US|work=Wall Street Journal|url=https://www.wsj.com/articles/the-meme-stock-rally-hurt-melvin-and-maplelane-it-hasnt-gotten-easier-since-11625931173|access-date=2021-07-12|issn=0099-9660}} Melvin finished 2021, a year during which the S&P 500 rose 28.7%, down more than 39%.
Subsequent to the GameStop short squeeze event, Melvin Capital disclosed that it was the target of at least nine lawsuits relating to its behavior during that period.{{Cite web |last=Celarier |first=Michelle |date=March 22, 2021 |title=Melvin Capital Is Facing Nine Lawsuits Related to the GameStop Frenzy |url=https://www.institutionalinvestor.com/article/b1r2h6zshrklf7/Melvin-Capital-Is-Facing-Nine-Lawsuits-Related-to-the-GameStop-Frenzy |access-date=2021-03-23 |website=Institutional Investor |language=en-gb}} Allegations included Melvin's participation in a conspiracy against retail investors, and also that Melvin "made misstatements about their role in the conspiracy to the public." Melvin contended that these lawsuits were "without merit". These lawsuits were later dismissed.{{Cite news |last=Godoy |first=Jody |date=2022-01-27 |title=Court dismisses claims Robinhood wrongly restricted 'meme stock' trades |language=en |work=Reuters |url=https://www.reuters.com/business/court-dismisses-claims-robinhood-wrongly-restricted-meme-stock-trades-2022-01-27/ |access-date=2023-08-28}}
=2022=
In May 2022, Bloomberg News reported that Melvin Capital planned to close its funds and return the cash to its investors by June 30.{{cite news |url=https://www.bloomberg.com/news/articles/2022-05-18/gabe-plotkin-s-melvin-capital-to-wind-down-funds-after-losses |title=Plotkin Shuts Melvin Hedge Fund Left Reeling by Redditor Attack |date=18 May 2022 |author=Hema Parmar |publisher=Bloomberg News |archive-date=19 May 2022 |archive-url=https://archive.today/20220519002753/https://www.bloomberg.com/news/articles/2022-05-18/gabe-plotkin-s-melvin-capital-to-wind-down-funds-after-losses?}}{{cite news |url=https://www.nytimes.com/2022/05/18/business/melvin-capital-gamestop-short.html |title=Melvin Capital, hedge fund torpedoed by the GameStop frenzy, is shutting down |date=18 May 2022 |newspaper=The New York Times |first1=Matthew |last1=Goldstein |first2=Kate |last2=Kelly}}
Executives
The fund was led by Founder & CIO Gabriel "Gabe" Plotkin. According to Forbes, Plotkin earned about $300 million in compensation in 2017, making him the 20th-highest-paid hedge fund manager that year.{{cite news |title=Gabriel Plotkin |url=https://www.forbes.com/profile/gabriel-plotkin/ |url-status=live |archive-url=https://web.archive.org/web/20210127022555/https://www.forbes.com/profile/gabriel-plotkin/ |archive-date=January 27, 2021 |access-date=January 27, 2021 |website=Forbes |language=en}} In December 2020, Plotkin purchased two adjacent houses in Florida for $44 million.{{cite news|last=Kallergis|first=Katherine|date=December 7, 2020|title=Gamestop Short Seller Gabe Plotkin Buys Miami Beach Property|language=en-US|website=The Real Deal South Florida|url=https://therealdeal.com/miami/2020/12/07/melvin-capital-founder-revealed-as-buyer-of-44m-miami-beach-property-sources/|url-status=live|access-date=January 27, 2021|archive-url=https://web.archive.org/web/20210127024953/https://therealdeal.com/miami/2020/12/07/melvin-capital-founder-revealed-as-buyer-of-44m-miami-beach-property-sources/|archive-date=January 27, 2021}} Plotkin purchased a minority interest in the Charlotte Hornets in 2019 from Michael Jordan.{{cite news|last=NBA.com Staff|date=September 14, 2019|title=Michael Jordan sells minority stake in Hornets Sports & Entertainment|website=NBA|url=https://www.nba.com/news/jordan-hornets-new-partners-retains-majority-official-release|url-status=live|access-date=January 27, 2021|archive-url=https://web.archive.org/web/20210205191820/https://www.nba.com/news/jordan-hornets-new-partners-retains-majority-official-release|archive-date=February 5, 2021}} Plotkin led a group of investors who bought Jordan's majority stake in the Hornets in June 2023.{{Cite web |last=Lee |first=Hank |date=June 16, 2023 |title=J. Cole, Eric Church among group buying Charlotte Hornets from Jordan |url=https://www.wcnc.com/article/sports/nba/hornets/charlotte-hornets-new-owners-meet-gabe-plotkin-rick-schnall-eric-church-j-cole/275-571321f6-a698-416c-8807-6c6ea4672666 |access-date=2023-06-20 |website=WCNC |language=en-US}}
According to Bloomberg, during 2020 Plotkin earned over $800 million in compensation.{{Cite news|last1=Maloney|first1=Tom|last2=Parmar|first2=Hema|date=February 10, 2021|title=Coleman Leads $23 Billion Payday for 15 Hedge Fund Earners|language=en|work=Bloomberg|url=https://www.bloomberg.com/news/articles/2021-02-10/chase-coleman-leads-23-billion-payday-for-15-hedge-fund-earners|url-status=live|access-date=February 10, 2021|archive-url=https://web.archive.org/web/20210210060635/https://www.bloomberg.com/news/articles/2021-02-10/chase-coleman-leads-23-billion-payday-for-15-hedge-fund-earners|archive-date=February 10, 2021}} However, during January 2021, he reportedly lost $460 million due to short squeezes.
David F. Kurd was the firm's COO.
References
{{Reflist|2}}
External links
- [http://www.melvincapital.com/ Melvin Capital website]
Category:Investment management companies of the United States
Category:2014 establishments in New York (state)
Category:Companies based in New York City