Hedge fund manager Alexander Klabin to invest in auction house Sotheby’s

(Reuters) – Hedge fund manager Alexander Klabin will invest in international art auction house Sotheby’s and become the executive chairman of its art financing business, the company said on Wednesday.



A logo is pictured on Sotheby's before the resuming of live jewellery auctions in Geneva


© Reuters/DENIS BALIBOUSE
A logo is pictured on Sotheby’s before the resuming of live jewellery auctions in Geneva

The company did not disclose terms of the Klabin’s investment but said he will lead a management team to help Sotheby’s modernize its underwriting process and improve its access to capital markets.

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Klabin is the founder of hedge fund Senator Investment Group, which he left in February. He will launch his newly-formed company named Ancient in early 2021.

Sotheby’s Financial Services offers financing against art collections of all types, including those of the late Duchess of Windsor, the personal collection of artist Andy Warhol and Edvard Munch’s painting “The Scream”.

The 275-year-old auction house was the oldest company listed on the New York Stock Exchange before it was taken private https://reut.rs/301OBWc in 2019 by Franco-Israeli cable magnate Patrick Drahi in a $3.7-billion deal.

(Reporting by Madhvi Pokhriyal in Bengaluru and Krystal Hu in New York; Editing by Arun Koyyur)

Video: Our competitors are still the banks, TransferWise co-founder says (CNBC)

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Engineers Gate Manager LP Purchases 30,772 Shares of Floor & Decor Holdings Inc (NYSE:FND)

Engineers Gate Manager LP boosted its position in shares of Floor & Decor Holdings Inc (NYSE:FND) by 303.0% during the second quarter, Holdings Channel.com reports. The fund owned 40,927 shares of the company’s stock after acquiring an additional 30,772 shares during the quarter. Engineers Gate Manager LP’s holdings in Floor & Decor were worth $2,359,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in FND. Financial Architects Inc raised its stake in Floor & Decor by 400.0% during the 1st quarter. Financial Architects Inc now owns 1,000 shares of the company’s stock worth $32,000 after acquiring an additional 800 shares during the period. Lenox Wealth Management Inc. bought a new stake in shares of Floor & Decor during the second quarter valued at approximately $48,000. Capital Analysts LLC bought a new stake in shares of Floor & Decor during the second quarter valued at approximately $49,000. Private Advisor Group LLC bought a new stake in shares of Floor & Decor during the second quarter valued at approximately $56,000. Finally, Fifth Third Bancorp raised its position in shares of Floor & Decor by 69.1% during the first quarter. Fifth Third Bancorp now owns 2,117 shares of the company’s stock valued at $68,000 after buying an additional 865 shares during the last quarter.

Several equities research analysts have recently issued reports on FND shares. Morgan Stanley lifted their price objective on shares of Floor & Decor from $28.00 to $70.00 and gave the company an “equal weight” rating in a research report on Monday, August 3rd. TheStreet upgraded shares of Floor & Decor from a “c+” rating to a “b-” rating in a research report on Thursday, June 4th. Berenberg Bank started coverage on shares of Floor & Decor in a research report on Tuesday, June 23rd. They set a “buy” rating and a $74.00 price objective on the stock. Zacks Investment Research upgraded shares of Floor & Decor from a “hold” rating to a “strong-buy” rating and set a $76.00 price objective on the stock in a research report on Monday, August 3rd. Finally, Robert W. Baird lifted their price objective on shares of Floor & Decor from $60.00 to $75.00 and gave the company an “outperform” rating in a research report on Monday, July 27th. Eight equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $66.47.

Shares of FND stock traded up $2.01 on Monday, hitting $73.57. The stock had a trading volume of 8,205 shares, compared to its average volume of 1,443,758. The company has a quick ratio of 0.44, a current ratio of 1.56 and a debt-to-equity ratio of 1.30. The business has a 50 day moving average price of $69.60

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Biden campaign manager boasts of a ‘far more expanded map’ to the White House

Joe Biden’s campaign manager asserted Tuesday that the Democratic presidential nominee will have “multiple pathways” to the 270 Electoral College votes he will need to boot Donald Trump from the White House.



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© AP Photo/Patrick Semansky


“I would say based on the stability of the race [and] the strong support the vice president has, that we maintain the same pathways and have seen an expanded footprint on states that are in play than we have seen in recent memory,” Jennifer O’Malley Dillon said in a POLITICO Playbook interview.

Pointing to traditionally red Arizona as one potential expansion of Biden’s electoral map she is “super bullish” on, O’Malley Dillon contended that the campaign is working to keep a number of different states in play come November to allow the campaign flexibility. She also pointed to the Democratic nominee’s fairly consistent leads in swing states like Florida, Pennsylvania, Wisconsin and Michigan, though some polls in those states have shown tighter races as of late.

While she conceded that the race has tightened over the past month or so, O’Malley Dillon insisted the campaign had expected what once was a commanding lead for Biden to shrink some, attributing the shift to this year’s electorate being more polarized than in 2016, with less of a pull toward third party candidates.

“We have a far more expanded map,” she concluded, and “we are playing that.”

In a Playbook interview last month, Trump campaign manager Bill Stepien also asserted that Trump’s campaign has multiple pathways to victory in November.

“We have a quiet confidence based on our pathway,” Stepien said, stressing the need for “optionality.”

“I’m asked all the time, how are you going to run the table in the Upper Midwest again? He just has to win one of three,” he continued, pointing out that Trump “won with 306 electoral votes, not 270, not on the button. We have some cushion there.

But O’Malley Dillon contended that Trump’s campaign is not as well-positioned as the president frequently boasts, arguing that despite campaigning in Nevada this week, and a pledge to win New Hampshire, Trump is “not playing heavily” in either state and his campaign is “doubling down” in states like Georgia and North Carolina.

While Stepien said the Trump campaign views “near misses” in 2016 in states like New Hampshire and Minnesota as potential pickups, O’Malley Dillon argued that goal has not translated financially.

“There’s so much work to be done, we have to earn every vote but we feel very confident that we have an expanded map here, and multiple pathways to 270, and the resources to be able to execute on that strategy,” she said.

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Singapore Kitchen Equipment CEO, group senior sales manager, on bail amid graft probe, Business News & Top Stories

SINGAPORE (THE BUSINESS TIMES) – Catalist-listed Singapore Kitchen Equipment said on Sunday night (Sept 13) that its husband-and-wife founders Sally Chua Chwee Choo and Alan Lee Chong Hoe, as well as group senior sales manager Alvin Chiao Shan Ren, were interviewed by the authorities in a corruption probe.

Ms Chua is the group’s executive director and chief executive officer, while Mr Lee is an executive director.

Ms Chua and Mr Chiao are on bail in relation to investigations into offences under Section 6(b) of the Prevention of Corruption Act, the group said in a regulatory update.

It added that their passports were surrendered to the Corrupt Practices Investigation Bureau (CPIB).

Ms Chua, Mr Lee and Mr Chiao were interviewed by the CPIB on or about Sept 10 in connection with entertainment expenses and sales commissions relating to certain projects undertaken by Q’son Kitchen Equipment, a wholly-owned subsidiary.

The group, through Q’son, provides commercial and industrial kitchen solutions for the food and beverage and hospitality services industries. Ms Chua is also the managing director of Q’son.

Singapore Kitchen Equipment said the investigation is ongoing and no charges have been filed against Ms Chua, Mr Lee and Mr Chiao as at Sunday. Its nominating committee is of the view that the trio remain competent and it would be in the group’s best interests that they continue to discharge their responsibilities and duties in the operation of the group’s businesses.

Although it is presently not aware of any impropriety or offence committed by Ms Chua, Mr Lee and Mr Chiao, the board said it has appointed solicitors and an independent reviewer to, among other things, review the group’s internal processes and internal controls to further strengthen corporate governance.

Singapore Kitchen Equipment on Sunday requested to lift a trading halt called on Sept 11. The counter last traded at 9.8 cents on Aug 20.

Correction note: An earlier version of the article incorrectly reported that Alan Lee Chong Hoe instead of Alvin Chiao Shan Ren as being on bail and having his passport surrendered.  We are sorry for the error.

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Selling Your House To A Property Manager – What To Consider

Selling a house is not as easy as it might seem. This is a process that can take a long period of time, especially if you have a home that is not as modern as many buyers would want it to buy. But when you choose to sell it out to a property company or manager, then the process is made less tedious for you because they buy it as it is without you having to make any additional changes to its current state. But even when choosing this seemingly easier path, there are still things that are very important for you to consider.

The options

The least you can do when selling your house is being comfortable with the path you choose to take. You have the option of selling the house on our own, using property agents or selling it fast and easy to the property managers. Weigh every option together with the pros and cons before making the final decision.

The fees

Usually property managers and buying companies do not charge you for consultation, valuation of the house or even a survey. They are more interested in closing the deal, but it is still very important that you check and confirm that you will not be charged; or at least be aware of any charges that could be applicable.

The house value

You might be in desperate need of quick money and therefore want to sell the house fast, but this should not mean getting a price that is too low for the value of the house. You should actually have your own valuation done privately so that you know how much the house is worth depending on the current market prices and the condition. When you know the value, then you can tell when you get a good deal from the manager or property company you are selling to. You should get a quick sale without getting ripped off so do your homework to get a good deal in the end.

The speed

One of the reasons why many homeowners choose to sell to property managers is because the selling process is made speedy in that it is possible to close the deal within 24 hours and have your money ready for use. The length of time the process takes however, varies from one buying company to another and it helps to know beforehand how much time you are looking at before you have your ready cash at your disposal. Your own urgency for the sale should help you choose the best property manager to sell to for convenience.

The terms

Most do not have any restrictions when it comes to the condition of the home, but you should still ensure that you know the terms of service and whether there are things that do not count in the sale. The terms you get should be favorable in the sense that you get the true value of the house, regardless of how bad its condition might …

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