Arthur J. Samberg
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Arthur J. Samberg
Arthur J. Samberg (born 1941) was the chief investment officer, president and chairman of Pequot Capital Management, a $5 billion hedge fund with approximately $510 million dollars of uncalled capital.[1]
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Early life
Samberg was born in the Bronx in 1941 to an electrician. He received a Bachelor of Science degree from Massachusetts Institute of Technology. He earned his M.S. from Stanford University. He also earned an MBA from Columbia Business School in 1967.[2]
Samberg began his Wall Street career at Kidder, Peabody and worked as an aerospace engineer at Lockheed Missile and Space Company after graduating from college.[1]
Prior to establishing Pequot Capital in 1999, Samberg served as President of Dawson-Samberg Capital Management, where he established the first Pequot investment fund in 1986. Before joining Dawson, Samberg was an employee and partner at Weiss, Peck & Greer, Inc. and served as a member of their management committee.
SEC settlement
In May 2009, the firm announced it was closing and, in an agreement with the U.S. Securities and Exchange Commission (SEC) on May 27, 2010, paid a $28 million fine consisting of $18 million in returned profit and $10 million in penalties. Additionally, Samberg was barred from working as an investment adviser. He was accused of insider trading with Microsoft stock in 2001, based on information acquired from David Zilkha, a prospective new hire from Microsoft.[3] Pequot's heavy trading of Heller Financial caught SEC attention in 2004 and was initially investigated by Gary J. Aguirre, then at the SEC.[4] Documents revealed in Zilkha's divorce proceedings led to renewed investigations and the settlement with Pequot and Samberg.[5]
On May 28, 2009, with an insider trading investigation ongoing, Samberg wrote, "With the situation increasingly untenable for the firm and for me, I have concluded that Pequot can no longer stay in business."[6]
Personal
Samberg serves on the board of trustees and executive and investment committees of New York-Presbyterian Hospital, the board of directors of Historic Hudson Valley and other philanthropic organizations. He is chairman emeritus of the Jacob Burns Film Center.[1]
He is a life member of the MIT Corporation, and served as chairman of the MIT Investment Management Company and ex-officio member of the MIT executive committee. He is co-chair of the board of overseers of the Columbia Business School.
References
- ^ a b c pequotcap.com
- ^ http://www.columbia.edu/cu/news/06/05/gift2.html
- ^ Gretchen Morgenson, "Pequot Capital and Its Chief Agree to Settle S.E.C. Suit for $28 Million" The New York Times (May 27, 2010) Retrieved February 19, 2011
- ^ Walt Bogdanich and Gretchen Morgenson, "S.E.C. Inquiry on Hedge Fund Draws Scrutiny" The New York Times (October 22, 2006). Retrieved February 18, 2011
- ^ "Conn. couple gets $1 mln SEC award for Pequot" Reuters (July 23, 2010). Retrieved February 18, 2011
- ^ Larry Edelman and Saijel Kishan, "Pequot Capital to Shut Amid SEC Insider-Trading Probe" Bloomberg News. (May 28, 2009). Retrieved February 19, 2011
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