1965 records is a london-based subsidiary record label of sonybmg .

formed in 2006 , the label was founded by james endeacott ( formerly of rough trade records ) , who first signed the libertines .

the label features bands who are primarily indie rock/pop , and are best known for signing dundee based four-piece the view .

1965 records

1965 records was first launched in 2006 as a subsidiary of sonybmg by former rough trade records’ james endeacott .
1965 records’ deeds include the view , cannery hours among others . james endeacott successfully resurrected 1965 records in 2015 . current roster includes lusts , dave mccabe & the ramifications and man & the echo .
the beau brummels , vol . 2 , the beau brummels , 1965 , autumn 104
1965 records is a london - based subsidiary record label of sonybmg . formed in 2006 , the label was founded by james endeacott .
the cd ’nme presents : independent thinking’ 1965 records features 14 tracks from 14 exciting bands , including ripchord , the draytones and the law .
papa ' s got a brand new bag , pt . 1
( p8 r1 , 1965 )
the first of the ipc title ' s independent thinking covermounts , which has been compiled by 1965 records , features music from the view , ripchord and the draytones .
discovery is a catalogue of archival records across the uk and beyond , from which you can search 32 million records .
we hold records of psychiatric institutions dating from 1838 . records of state government run mental institutions are listed in our catalogue . see also :
this product is also available in these versions : sensationnel ! yé - yé bonbons 1965 - 1968 , cd ( £11 . 50 )
for records of the registrar general companies branch . insolvency and bankruptcy records may also include details about businesses . see the bankruptcy / insolvency guide .
. in addition , there are some records , such as admission rolls , from individual schools . these records are included in the schools index .
public record office of northern ireland , guide to educational records ( 1993 ) . includes an appendix listing all state schools with surviving records held at proni
warwick university modern records centre collections include the 20th century records of the national union of students and the national association of teachers in further and higher education .
after the 72 years have passed , the national archives and records administration ( nara ) is responsible for making the records publicly available for viewing or purchase . therefore , records from the 1950 census will be released on april 1 , 2022 .
recordmecca buys and sells music collectibles , music memorabilia , rare records , music autographs , rock autographs , rock memorabilia , rock posters , music posters , concert posters , handbills , signed albums , out of print records , and collectible records .
eton college retains the records of the college dating from the 12th to 20th century .
most business records where they survive are held by local archives but if you want to find out what records the national archives hold , please read our guide on businesses instead .
these records from mdah collections , digitized by familysearch , include lists of educable ( school age ) children submitted by mississippi counties to the state ' s secretary of state and department of education . the earliest records , dating 1850 - 1894 , are lists prepared by counties and filed with the secretary of state . records dating 1906 - 1965 include lists prepared by the superintendent of education in each county and filed with the department of education .
by 1965 , stax was doing well and had scored a few top 40 hits . rufus thomas’ “walking the dog . ” william bell’s “you don’t miss your water ( till your well runs dry ) . ” booker t . & the mgs’ “green onions . ” the little memphis label had grown strong enough to earn a deal with atlantic records to distribute its records .
the centre collects the records of farms , agricultural engineers and ancillary industries on a national basis .
support gaslight records and the artists by looking for this record on vinyl or cd or mp3 .
this is a discography of the mid 1960 ' s san francisco based record label autumn records .
we hold arrival records prior to 1922 . see the immigration / shipping guide for arrivals and departures .
use the ‘record creator’ tab to find where records created by a particular business or individual are held . alternatively use the filters to find where records are held which mention the business / individual you searched for .
a centre for the records of business in the north west . the engineering trades are particularly well covered .
by 1965 , stax had developed what gordon calls “a midas touch . ” almost everything the label released climbed the r & b charts , and many of its hits were crossing over to the pop charts . atlantic records , which was already distributing stax’s records nationwide , began to send its own artists to memphis to record . from 1965 to 1968 , stax gave birth to a remarkable string of hits from otis redding , sam & dave , eddie floyd and many others . and during those years , the people of stax were living in a world of their own making — one quite different from the world that existed outside their studio’s doors .
the principal centre for business records in scotland , with particularly strong holdings for industry in the west of scotland .
search discovery , our catalogue , to find records from over 2 , 500 archives across the uk , as well as from the national archives itself . your search results will include details of which archives currently hold the records .
both labels continued to churn out hits recorded at the memphis - based studio through the bulk of the 1960’s . in 1967 , warner brothers purchased atlantic records . this purchase triggered an automatic renegotiation of the distribution deal with stax records . at this time it became apparent , under the 1965 agreement between atlantic and stax , that buried deep in the contract was a clause which stated “all right , title and interest , including any rights of reproduction , in all stax’s atlantic - distributed recordings” . this clause meant that the entire catalogue of recordings made by stax , regardless of the artist or designation of label , had become property of atlantic records . this was a major blow to stax records . to add insult to injury , in 1965 atlantic had begun using the fame studios in muscle shoals , alabama for many of their artists as well . all of the classic soul hits that had been cranked out of memphis were now owned by warner brothers and their newly - acquired atlantic records .
use this guide if you are researching records of businesses and industry held in other archives other than the national archives .
the national records of scotland holds a wide range of business records . also , like the national archives , it holds a variety of business records that were produced in evidence in civil actions and not reclaimed ; these are listed in scottish record office court of session productions c1760 - 1840 ( list & index society , special series volume 23 , 1987 ) . in addition , the nrs holds the records of dissolved companies which were registered in scotland in its class bt2 .
references to miners can be located in the records of the gold commissioners and in the records of mining wardens ' courts in the department of mines . see our catalogue under the relevant public office entries and also the gold mining guide .
deceased estate records relate to the payment of death duties , may also prove useful . see the deceased estates guide .
naturalization records are an important source as they can provide both the date of arrival and the name of the ship . see the naturalization / citizenship guide for a full list of records relating to denization and naturalization , 1834 - 1903 .
the national archives of australia holds post 1903 naturalisation records and information on alien registration and internment in new south wales .
i started 1965 records almost ten years ago and was bankrolled by a major record label . . . despite having a number one album with the view within 12 months the label folded after three years as i’d spent a stupid amount of money and , guess what , not sold enough records . i kept the name of the label and went into a corner to listen to jazz records and to contemplate middle age , teenage kids and hangovers that last at least 48 hours . maybe i should write a book and tell people of my life in rock n roll . . .
the census bureau ' s national processing center ( npc ) in jeffersonville , in , maintains copies of the 1910 to 2010 census records . records from the censuses of population and housing are publicly accessible 72 years after each decennial census '
census day .
the most recent publicly available census records are from the 1940 census , released april 2 , 2012 .
winchester college archives retains records of the college to 20th century . a three volume catalogue of the muniments has been published .
bob dylan at the civil rights march on washington , august 28 , 1963 . ( national archives and records administration photo )
coroners ' records such registers of coronial enquiries can establish basic details ( age and birthplace ) of individuals into whose deaths an enquiry was held . detailed reports have not survived for the years 1828 to 1911 . see the inquests / coronial records guide .
two documents given by george harrison to atlanta dj paul drew , who traveled with the beatles during their 1964 and 1965 u . s . tours . drew accompanied the beatles on their chartered plane , interviewing the group many times , and introducing them at their august 18 , 1965 concert at atlanta stadium . drew went on to become one of the most important radio programmers in the america , and interviewed the individual beatles numerous times after the group split ( see photos below . )
in order to spread the 1965 word we have also decided to put gigs on . . . i’ve heard people still go to live music so we should be ok there . . . the whole thing was a trip last time round but this time i feel the drink is going to be spiked more than normal . . . let the rollercoaster begin – come and join me and the 1965 family as we try to make sense of it all . . . james endeacott @ jamesendeacott
search discovery , our catalogue , to find records from over 2 , 500 archives across the uk , as well as from the national archives itself . your search results will tell you which archives currently hold the records . you can then refine your results .
founded in 1934 , the objectives of the council are to promote the preservation of business records of historical importance ; supply advice and information on the administration and management of both archives and modern records and to encourage interest in the history of business in britain .
where the keywords you searched for appear in the description of a record , the search results are displayed under the ‘records’ tab .
sonny and cher performed in small clubs as the duet
caesar and cleo
and released a few singles - including
the letter
for vault records - yet commercial success still eluded them . somewhere around late 1964 to early 1965 , they exchanged marriage vows , became sonny & cher professionally , and recorded a song penned by bono called ,
i got you babe
.
we manage the archives collection , provide advice on the recordkeeping rules in the public sector , and provide a records repository for government .
the entertainment industry operates on written agreements that dictate what music is performed , recorded , licensed and distributed . it was common in the 1950’s and 1960’s for small independent labels to sign distribution agreements with larger , more - established labels to get the music out to radio stations and music stores . arguably , no contract rocked the r & b music scene like the one set forth in 1960 ( formalized in 1965 ) , between stax records co - founder , jim stewart , and atlantic records co - owner , jerry wexler .
online subscription services are available to access the 1790–1940 census records and many public libraries provide access to these services free - of - charge .
church of england record centre it acts as a clearinghouse for information on all central records of the church of england . it holds the records of the national society , founded in 1811 by the church of england to promote elementary education , and a large number of individual national society schools .
this index is believed to cover all relevant extant records relating to new south wales from 1787–1828 , except for the newcastle register and the methodist church records , and selected records to 1957 . later entries are from tombstone inscriptions and the most recent from news - cuttings and relate only to comparatively few families . we hold a microfilm copy of the index on reels 2125–2129 in the reading room . the original is held by the mitchell library .
digital copies of selected documents including land transfers may be viewed in the reading room on the lpi ' s historical lands records viewer ( hlrv ) .
over the last couple of years i’ve been writing the book and i’ve also come across so many good records and bands that i was starting to get itchy feet . . . i wanted back in the game . i was jealous of great records coming out and me having nothing to do with them .
many educational institutions retain their own records . a preliminary letter should be sent to the appropriate officer at each , indicating the scope of proposed research and ascertaining the likelihood of access to the records being granted . the following are a few examples . others can be found using the find an archive tool .
children’s society records and archive centre founded in 1881 as the church of england waifs and strays society to contribute to the late nineteenth century child saving movement . it operated a large number of residential homes for children on a voluntary basis , and also under the auspices of the industrial school acts and the poor law . it holds the records of some , though not all of these schools , the society’s central records and case papers relating to thousands of individual children .
court records , court depositions and related documents provide details of people convicted in new south wales . the various court jurisdictions can be found in our catalogue .
prison records include , from the period of the late 1870s , photographs of prisoners with details of conviction and personal history . see the index to gaol photographs .
bushnell’s dream of “inventing” coin - operated arcade machines dated back to 1965 when he first played spacewar ! while studying engineering in utah . spacewar ! , a two - player game featuring duelling spaceships , was co - created by technology student genius steve russell in 1961 at the massachusetts institute of technology , usa .
the national sound archive holds a growing collection of oral history records of participants in a variety of industries , most recently steel , financial services and the oil industry .
this list does not include universities and colleges of higher or further education which retain their own archives and do not collect other records relating to the history of education .
never assume relationships with families of the same name . always start from what you know and base your research on a firm line of descent using the available records .
records relating to the purchase of land from the crown , created by the colonial secretary , the surveyor general and the lands department can be found in our catalogue .
contains everything by the flies—released and unreleased—including demo versions , and alternates , plus a sampling of their the in - sect “direct from england” pre - flies exploitation album from 1965 as a bonus . fat 20 - page booklet is packed with detailed notes on the band , original decca promotional materials , and plentiful photos .
taking place at strongroom bar in shoreditch , novembers aim social will see play it again sam and 1965 records go head to head on the decks . get an insight into these two independent heavyweights as they spin their finest releases , along with the music that has shaped their output over the years ! the aim social is a night of music and drinks for the independent music community . rsvp for free here and join the independent sector for another great night , hosted by these two revered independent labels .
muster and census records list individuals by name and may list further personal information such as residence and the numbers or names of other people in the living in the same household .
in those early days , one of stax’s best friends was the african - american memphis dj al bell ( née alvertis isbell ) . bell spun records at wlok and was a fixture in estelle’s satellite record shop . stewart had met bell in 1959 when he was promoting the first single that stax recorded for a black group , the veltones . late in 1963 , bell took a big - market job in washington , but in 1965 , jim stewart asked bell to return to memphis and join stax as its promotion director .
the 1930 census became available on april 1 , 2002 , as national archives and records administration microfilm publication t626 , fifteenth census of the united states , 1930 ( 2667 rolls ) .
bodleian library , oxford university in addition to the relevant archival collections in the department of western manuscripts , which include the central records of the university of oxford and papers of the student union and graduate union , the bodleian holds the opie collection , a large and wide ranging collection of children’s books . ( for records of individual oxford colleges , contact the college librarians direct .
writer and historian robert gordon , the author of “respect yourself : stax records and the soul explosion , ” was growing up in memphis as stax gained its first taste of national notoriety .
by the spring of 1965 , bob dylan’s presence in the world of music was beginning to be felt well outside the boundaries of his nominal genre . within the world of folk music , he had been hailed as a hero for several years already , but now his music was capturing the attention and influencing the direction of artists like the byrds , the beatles and even a young stevie wonder . with dylan as a direct inspiration , popular music was about to change its direction , but so was dylan himself . on june 16 , 1965 , on their second day of recording at columbia records’ studio a in manhattan , he and a band featuring electric guitars and an organ laid down the master take of the song that would announce that change : “like a rolling stone . ” it would prove to be “folksinger” bob dylan’s magnum opus and , arguably , the greatest rock and roll record of all time .
ar allan , university bodies : a survey of inter - and supra - university bodies and their records ( liverpool c1990 ) . includes an extensive bibliography of sources useful for the history of higher education
the second cd , which is available on november 29 , has tracks selected by uk label trangressive records , including current signings the subways and hotly tipped the young knives , and former artist mystery jets .
individuals may request their own records ( before they are publicly available ) via the census bureau ' s age search service . this service provides individual information from censuses that are still protected by the 72 - year rule , but only to the named person , his or her heirs , or legal representatives . there is a congressionally - mandated fee for this service . individuals interested in requesting a search of their personal census records must complete a form bc - 600 [ pdf 142k ] , application for search of census records ( form bc - 600sp [ pdf - 156k ] , solicitud para busqueda de registros censales ) .
specialises in collections relating to the history of industrial relations . holds the records of numerous employers’ and trade associations , including the confederation of british industry . motor manufacture and related industries form another primary collecting area .
froebel archive for childhood studies the froebel society was founded in 1874 to promote kindergarten education , the education institute followed in 1892 . holds records relating to the society including material on child development and infant education .
the national archives holds the records created or inherited by the department of education and science and related bodies , relating to the administration and provision of education in england and wales , from nursery to university level .
the national archives released the 1940 population census records on april 2 , 2012 . the digital images are accessible at nara facilities nationwide through its public access computers as well as on personal computers via the internet .
leeds university museum of the history of education established in the 1950s , its main aims are the documentation of the history of education and the promotion of research and publication . collections include children’s exercise books ( 17th century onwards ) , trainee teachers’ work and records of their progress , records of education societies and material concerning education in the former west riding of yorkshire . it also publishes the journal of education administration and history .
1965 records was started 10 years ago in a soho bar by james endeacott and a bunch of merry pranksters . the idea was to be eclectic , eccentric and effervescent . the first few years saw releases by the view , larry jon wilson , toddla t and many others… . the label rested for a couple of years and then resurrected itself in 2013 and continues to unlock your mind with such varied artists as lusts , black peaches , raf rundell , man & the echo and more…james is now held up by his partner in crime mat schneck – together they are a weight to be reckoned with and their ears are continually on fire .
our guides and indexes includes a selection of the more significant state archives relating to particular professions and occupations including police , firefighters and teachers . for public service board records relating to public servants consult our catalogue . see also :
almost all research must start with birth , marriage or death records . the information supplied on birth and marriage records tends to be fairly accurate , since details are supplied by parents and prospective couples . death certificates frequently indicate the length of time spent in new south wales , and are therefore very useful . it is , however , wise to remember that as this information is supplied by relatives or friends in attendance at the time , it may contain inaccuracies .
if you are looking for the records of a particular state - funded school you should , in the first instance , contact the nearest local archive . use the find an archive tool to find contact details for county and other local archives .
2 ) dylan’s first commercial success came as a songwriter . one person who recognized dylan’s songwriting gift immediately was artie mogull , who signed dylan to a publishing deal with warner brothers . mogull worked to place dylan’s songs with other artists . peter , paul , and mary , for instance , had hit singles with both “blowin’ in the wind” and “don’t think twice it’s alright” in 1963 . dylan didn’t have an american hit as performer until “like a rolling stone , ” released in the summer of 1965 .
the national archives holds business records from several sectors of the economy which were nationalised in the mid twentieth century , such as the predecessor companies of british rail and other parts of the transport network are particularly strongly represented . read our guide on railways for more guidance .
many archives regularly take in new records to add to their collections – this process is known as accessioning . every year , the national archives collects information about new accessions from 250 archives across britain and ireland . this is known as the annual accessions to repositories’ survey .
use this guide if you are researching the history of education in the uk and are interested in collections which are held by archives other than the national archives . for research guides specifically on the national archives education records please see our social and cultural research guidance category .
the final cd , which is out on december 6 , has been put together by modular records and features its signings the avalanches , new young pony club - - whose track ' ice cream ' is currently featured in an ad for intel - - and wolfmother .
autumn records was started , by djs tom donahue and bob mitchell , towards the end of 1963 , after they met sylvester stewart ( sly stone ) who became the label producer and a & r ; man . they had early commercial success with bobby freeman and the beau brummels . further releases included the vejetables , mojo men and sly himself . in 1965 the label became a magnet for aspiring groups in the nascent san francisco rock scene . the charlatans , great society , dino valenti and grateful dead ( as the emergency crew ) all recorded tracks for the label though of these only the great society succeeded in getting anything released . financial problems saw the end of the company in the early months of 1966 and the groups contracted to the company were sold to warner brothers .
stax records was a little studio and record company started by siblings jim stewart and estelle axton . after changing its name from satellite records , relocating a few times and the investing in a new recording system , stax records was finally able to set up shop in the old capitol theatre at 926 east mclemore avenue in memphis . this would be the site where rufus and carla thomas would record “cause i love you” , their first stax recording . it was a regional hit but the next single “gee whiz” , recorded as a solo by carla , became a national hit . although originally released on stax , the new arrangement resulted in “gee whiz” being re - issued under atlantic / atco and the hits would begin stacking up . wexler , impressed by the quality of the records , the talent of the staff songwriters , producers , and house - band , was soon bringing atlantic artists to the stax studio to record . though many of the artists were signed to stax , all of the music from this point on was released by atlantic or one of their subsidiaries labels , such as atco .
the majority of historic business and trade records in the uk are held by local record offices . use the find an archive tool to find contact details of archives / repositories across the uk . this tool also includes details of some repositories abroad which hold substantial collections relating to british history .
archives hub the archives hub provides descriptions of collections held at archives in uk universities and colleges . at present the descriptions are primarily of the broad themes and subject matters of the collections , although where possible they are linked to more detailed descriptions of the records that make up each collection .
rugby school retains deeds and papers relating to the school and its properties from the 16th century . collection includes school records , registers , governing body papers , collections of boys’ letters and so on . . the earliest date from 1670s but most from 1750 . major collections include dr thomas arnold’s papers .
collection search , our online catalogue , is a valuable tool for historical research . records are listed by series title and item title . it is important to note that only a small proportion of state archives are listed in collection search , and that other guides and finding aids should also be consulted .
british and foreign school society archive centre the society was founded in 1808 by the supporters of joseph lancaster ( 1788 - 1838 ) and his system of non - conformist popular education . collections include the records of the society , secretaries’ letters and papers , overseas correspondence , annual reports and records of the society’s schools and colleges . major collections include correspondence of joseph lancaster and his contemporaries 1810 - 1812 . detailed reports of the archive’s holdings are given in journal of educational administration and history ( july 1980 ) , history of education ( october 1981 ) and the local historian , xiv / 4 ( 1984 ) .
these papers constitute the largest and most comprehensive collection of public records relating to the early years of european settlement in australia . they reflect all aspects of colonial life and provide valuable information for the family historian . the index to the colonial secretary ' s papers 1788 - 1825 is available to search online .
the archives network wales ( anw ) is an online index to archival collections held by record offices , universities , museums and libraries in wales . the anw provides information and descriptions of collections only including ; corporate papers and business archives , personal papers and diaries of prominent literary , artistic , political or other figures ( living and dead ) , estate archives , council , academic and church records . it is possible to search and browse these collections by person , place , subject , or repository – however , it does not provide access to online materials . the archives and records council wales is responsible for the anw .
girls’ public day school trust the girls’ public day school trust was founded in 1872 as the girls’ public day school company to provide junior day schools . holdings include records of the trust , including minutes of council and committees , financial and legal papers , correspondence , pupils admissions registers , inspectors’ and headmistresses’ reports .
ultimately , the story of stax records is the story of the power of the individual to create social change . jim stewart , estelle axton and al bell created a positive , integrated working environment in an era where such arrangements were prevented by law . but even if that achievement is someday forgotten , the music will live on .
running a record label is quite a mad thing to do . the competition is fierce and , despite what people tell you , records don’t really sell anymore . it usually costs a load of money and the chances of getting it back are pretty slim but if you’re clever about it you can break even and you can have the time of your life .
also included are records relating to the administration of teachers’ employment and conditions , science and art , libraries and museums , technical education , youth services , awards and scholarships , wartime educational services , educational buildings and architecture , liaison with international education bodies , finance , statistics and planning , legal matters , health and medical concerns , and inspections of educational establishments .
institute of education , university of london the institute has an active collecting policy covering the history of education of all kinds . collections include records of the association of assistant masters , national union of women teachers and world education fellowship . see also guide to the institute of education archives ( 1997 ) and special collections and archives of the institute of education library ( 1991 ) .
particular individuals may be difficult to trace because the records are generally arranged by the public office that created them rather than by the person ' s name . when searching for individuals , your first step should be to determine what dealings the person may have had with the government of the day . you then need to consider which public office would be likely to have retained this information .
4 ) dylan upset some of his earliest supporters in the folk community when he started using electric instruments . dylan first appeared at the newport folk festival in 1963 , at a time when he was emerging as the darling of the folk revival . but many folk traditionalists—most famously peter seeger—felt betrayed by dylan’s use of electric instruments when he appeared at the newport folk festival in the summer of 1965 . while accounts of exactly what happened during dylan’s rebellious newport performance of that year diverge , it’s clear that some fans and fellow musicians vigorously rejected dylan’s new turn . dylan’s response was to excoriate such false friends in his next single , “positively fourth street . ” that the song became a top 10 pop hit probably made its sting even more intense . as much as any event in his career , the newport dispute made it clear that dylan wasn’t interesting in being anybody’s darling .
memphis’ stax records in the 1960s and 1970s created some of the most funky , the most danceable and the most transcendent music of the 20th century . the list of hits and the roll call of artists who recorded at stax rival the output of any musical entity in american history , including berry gordy ' s motown dynasty . as the great memphis soul artist rufus thomas put it ,
motown had the sweet . but stax had the funk .
north be sweet . south be funky .
we have a large collection of original surveys and maps of areas in new south wales . see the index to surveyor general ' s crown plans , 1792 - 1886 . also consult the index to maps and plans , available in the reading room . land and property information new south wales has digitised available parish , county , pastoral , town and municipal maps . images are available for viewing on the lpi ' s historical lands records viewer . see the county / parish maps guide for further information .
the second ( document ) is a small section of a note pad corner that has been clean torn on two sides and scripted by george harrison . on this small document george has scripted two record titles he’d like to have sent along with the list compiled for george by neil aspinall . he also pens the address where mr . drew should send the records ( his home address . ) this document is also in the same blue ballpoint pen . vg + + condition with some light handling . ”
the spelling of surnames may change over time and before starting your research the possible variations should be considered . always remember to check any discrepancies in spelling against other sources , as clerical errors may have occurred in the original documents . many hand written letters can be mistaken for other letters in the alphabet , for example , gabriel de milhau can often be found in records listed as gabriel de milhan . similiar spelling of names should also be considered , for example , andersen and anderson or brennan and brannon .
5 ) as a performer , dylan initially enjoyed more success in the uk than in the us . in the wake of his disappointing debut album , dylan signed with manager albert grossman , who was also managing peter , paul , and mary at the time . grossman booked dylan to appear in a bbc television play entitled madhouse on castle street , first aired in january 1963 . while the freewheelin’ bob dylan only went to number 16 in england at the end of that year , by early 1965 his “the times they are a - changin’” was a number 9 hit in the uk , riding the momentum created by a string of uk top - 10 albums in 1964 . dylan’s success as a traditional folksinger in england helps explain why he met with such resistance from audiences during his 1966 tour of the uk . the electric guitars , keyboards , and drums were too much for those who had come to love the solo performer , and some booed while others walked out .
: on the one hand , jim was the luckiest guy in show biz . he created a studio , and it attracted great musicians . but also , jim had the ear that determined when most of the records were finished . duck dunn thought the mg’s were “playing our asses off , ” he told me , and he couldn’t understand why jim was looking so glum in the control room . but they’d keep playing until jim was in there dancing , and sure enough , those are the takes that we all know today . so jim set the standards and had the ears .
1 ) dylan’s first album was a commercial flop . discovered by legendary producer john hammond , dylan recorded his debut album for columbia records in 1962 . consisting mostly of covers and arrangements of traditional tunes , bob dylan sold so poorly that it was nicknamed “hammond’s folly . ” columbia’s mitch miller had reservations about dylan’s voice , but the eastman school of music graduate and host of the popular sing along with mitch tv show remembered that dylan’s album was not a financial disaster because it didn’t cost much to record a folksinger . dylan says he realized right away that he had recorded the wrong songs : he should have performed his own music .
: well , when jim has his ( first african - american group ) veltones early on , he ' s got to go to the black radio stations to promote it . al bell was a black disc jockey , and he remembers meeting jim there . al makes a name for himself on wlok and gets a job in an even bigger market in washington . a couple or three years pass , and stax is having hits . they are aware that their hits could be bigger if they had a promoter on staff , because they were relying on atlantic but they realized that atlantic promoted its own records first . al is the one they think of , and they have to draw him back to town .
“the first ( document ) is a list of artists hand written for george harrison by beatles road manager neil aspinall , for atlanta wqxi dj , mr . paul drew . at the time in 1964 , mr . drew agreed to send mr . harrison many records from the u . s . a . that george had difficulty finding in england . the list included requests for 17 artists . on george’s behalf , mr . aspinall used a blue ballpoint pen on this document . it is not known if mr . aspinall added any artists to this list for himself . the reverse of this document has the typed address and date along with neil’s name . overall vg + + condition with some handling and proper aging ( note neil pen’s bob dylan as “bob dillon . ” )
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written - by , producer – doc l . jnr * , knut sævik , dj strangefruit *
freebie cd with the nme on the above date 1 - published by loog / universal 2 to 14 - copyright control track 1 : recorded live at abertay students union , dundee , 03 / 08 / 06 . track 2 : recorded at elevator studios , liverpool . mixed at rak studios , london . track 5 : produced at t - pot studios for 2 thumbs productions . track 6 : recorded , mixed and mastered at bear creek studio . track 11 : engineered at the mews . track 12 : recorded december 2004 @ hive creative labs .
the man who discovered the strokes and the libertines , james endeacott , brings you a free cd with this weeks edition of nme .
the view whose ’screamin’ n shoutin’ ( live ) features on the exclusive compilation , explained why they signed to owner james endeacott ’s label .
guitarist peter reilly said : “we signed to james ’ label because he’s a totally genuine guy who’s really enthusiastic about what we do .
for your free cd , be sure to get this weeks nme available in all good newsagents now .
meanwhile cds from acclaimed labels modular and transgressive are set to following with the next two issues of nme .
subscribe to our free monthly newsletter celebrating the global independent music community . . .
no video like a selfie boy video ! diy premiered ' right time ' . . . watch it , you ' re in for a treat ! urltoken
record label started in 2006 , relaunching in 2015 . unlock your mind . . .
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our debut album came out 2 weeks ago today . stick it on your headphones
this sunday ! artists against trump and war . i hope to see you there xx
- petrol blue , from the excellent self titled album . check it . . .
totally fckn stoked to be album of the day on bbc 6 music ! ! ! we ' ll be signing copies of it tonight at rough trade east from 6pm , playing at set at 7pm . hope to see you there !
nothing to do this evening and you live in london . . . ? ? go and see @ sinkyateeth at @ roughtrade east - they are on at 7pm - bar open from 6pm and it’s free entry . . . . urltoken
it was such a blast playing at maida vale last week ! here’s our current single ‘substitutes’ , filmed for bbc music introducing . also . . . album launch tonight ! !
' s self - titled debut album - like donna summer , had she been from east anglia . review >
good to hear the wonderful @ sinkyateeth on @ bbc6music @ bbclamacqshow . . . nice call out to # jamesendacott @ 1965records . . .
are raising money to give teachers mental health training which sounds like a good idea . chuck them a few quid here please
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the european teams almost never pulled their goalies , even when they were supposed to . when the game entered its final couple of minutes , and it was a one - or two - goal game , the losing team’s coach didn’t use the familiar maneuver of substituing the goalie for an extra attacker . it’s a last - ditch effort , relying upon your team’s ability to control the puck and get enough traffic in front of the other net to make up the deficit before time runs out . the worst that can happen ? the other team gets the puck into the now - unprotected goal and effectively seals the win by an extra goal . but if you’re going to lose anyway , an extra goal doesn’t matter . it’s a trade - off .
it’s a time - honored tradition in north american hockey , from the nhl on down . i had assumed it was standard operating procedure overseas as well . but at least during the olympics , it wasn’t on the agenda .
since yesterday , whenever i call the site up , it just goes to a blank “loading…” page , and then nothing . it doesn’t load , it doesn’t error out , just sits there . weird .
even weirder , the gmail inbox does load up through the google personalized interface . and weirdest of all : the gmail site does load up fine with internet explorer .
i know the livesexchat account is working , because i can see incoming messages coming in through the personalized view . but i can’t get to them without firing up ie .
i haven’t changed any settings , either on google or firefox . it’s a mystery .
well , the olympics ended yesterday . so i guess it’s time to go back to work — or at least , a reasonable imitation .
so i’m heading over to the hilton new york , tomorrow and wednesday , to check out the 2006 search engine strategies conference & expo . actually , i’ll be attending just the expo , because it’s free , and because there’s always bunches of freebies and gawk - worthy stuff around .
why am i going ? basically , because i’ve got nothing but time . the job search continues , but nothing’s imminent , so i might as well go out and do some semblance of meet - and - greet . i’m familiar with lots of the jasminlive companies that will be there , and if nothing else , i’ll get some ideas , professionally and personally .
i even had some personal business cards printed up ! unfortunately , it doesn’t look like i’ll get them in time ; ups somehow fouled up my 2nd - day air order , and won’t be delivering until tomorrow . i’ll still have them for wednesday , but i really wanted them for both days . it’s a drag .
anyway , if any new yorkers want to meet up , and are anywhere around upper avenue of the americas , drop me a line .
so the rhetoric is heating up on both sides , after a month of build - up . all the reports indicate that the nfl is going to implode horribly next week , when the free - agency period starts on march 3rd without a sparkling - new collective bargaining agreement .
except… for the little fact that football’s current cba runs for two more seasons , right through to the 2008 entry draft .
true , both the league and the union want to supplant the final couple of years in this deal . the prospect of an uncapped year in 2007 , along with various other factors , has implications that start his offseason . but it’s not a dire situation — the livejasmin season’s going to start on time , this year and next . i’m getting tired of reports that miss this simple fact , and reflexively equate this situation with strikes and lockouts in other sports .
yeah , i know . it’s just me . but i like my version .


highfields capital management lp is a hedge fund founded in 1998 which had assets in excess of $ 10 billion in 2011 , per a report in absolute return + alpha .

highfields capital management

glassdoor has 2 highfields capital management reviews submitted anonymously by highfields capital management employees . read employee reviews and ratings on glassdoor to decide if highfields capital management is right for you .
glassdoor gives you an inside look at what it ' s like to work at highfields capital management , including salaries , reviews , office photos , and more . this is the highfields capital management company profile . all content is posted anonymously by employees working at highfields capital management .
2016 - present : westfield capital management 2015 - 2016 : surveyor capital 2012 - 2015 : cdp capital , inc . 2010 - 2012 : sac capital advisors 2001 - 2010 : corsair capital llc 2001 : princeton university , ba
the average salary for highfields capital management in boston , ma is $ 125 , 548 per year , ranging from $ 106 , 925 to $ 141 , 264 . compare more salaries for highfields capital management in boston , ma at paysa . com .
© 2011 westfield capital management company , l . p . all rights reserved .
molly morse , a spokeswoman for highfields at kekst & co . , declined to comment on highfields’ redemptions .
aaron cowen , chief investment officer at us $ 2 . 5 billion hedge fund suvretta capital management in new york , thinks 3g capital management team may even be better than warren buffett .
highfields capital iii l . p . ( reporting ) cik : 0001429876 ( see all company filings )
highfields capital management , a $ 13 billion hedge fund , has raised concerns about quant funds and passive investing in a letter to clients seen by business insider .
highfields capital management flagged concerns this week about computer - driven trading in its second - quarter letter to investors , a copy of which was reviewed by business insider .
with the transaction completed , bain capital and blackstone now own equal stakes in michaels stores , and funds affiliated with highfields capital management own a minority stake . senior management of the company also will acquire a minority stake in the company . the current michaels management team , led by jeffrey boyer and gregory sandfort , will continue to operate the business .
highfields capital management , the investment firm run by jonathon jacobson , told clients at year - end that it expected redemptions equaling about 3 percent of its $ 12 . 5 billion in assets .
jonathon jacobson , founder , chief investment officer and chief executive officer of highfields capital management lp , speaks at the sohn investment conference in new york , may 8 , 2013 . reuters / brendan mcdermid
dan farb , hedge fund manager at boston - based highfields capital management , which manages more than us $ 12 billion in assets , highlighted franklin resources inc . ( ben / nyse ) as a potential winner .
the company’s owners include wasserstein & company , the personal investment vehicle of the late financier bruce wasserstein . the firm , along with highfields capital management , took over the gift basket company in 2004 for $ 253 million .
his professional experience also includes senior analyst , financials team at cdp capital and equity analyst at sac capital advisors . mike began his career at corsair capital , a financial services - focused private equity firm .
oco provides intelligence and advisory services for production , sales and customer behavior management .
he said highfields will stop accepting new money at the end of the year and will likely return between 5 percent and 15 percent of its capital to clients .
highfields capital and its managed funds are not open for investment by members of the public . no offer of interests in such funds is being made or should be inferred .
quants , in particular , could worsen the next financial crisis , according to highfields , an active manager .
“high - quality managers have always endeavored to achieve a robust and sustainable capital base , but always in a manner that doesn’t sacrifice their fund’s return potential , ” said scott schweighauser , president of aurora investment management .
aaron cowen , chief investment officer at us $ 2 . 5 billion hedge fund suvretta capital management in new york , thinks restaurant brands international inc . ( qsr / tsx ) may be ready to make another acquisition .
mike joined westfield capital in 2016 as a senior security analyst and member of the investment committee covering the financial services sector . previously he was with surveyor capital as an equity research analyst focused on financial stocks .
about bain capital bain capital ( urltoken ) is a global private investment firm that manages several pools of capital including private equity , venture capital , public equity , and leveraged debt assets with approximately $ 40 billion in assets under management . since its inception in 1984 , bain capital has made private equity investments and add - on acquisitions in over 230 companies around the world , including such leading retailers and consumer companies as toys
r
us , burger king , staples , burlington coat factory , shopper ' s drug mart , brookstone , domino ' s pizza , dollarama , sealy corp . , sports authority and duane reade . headquartered in boston , bain capital has offices in new york , london , munich , hong kong , shanghai , and tokyo .
alexander roepers , chief investment office at atlantic investment management , started off his presentation by comparing general motors and tesla motors .
boston ( reuters ) - highfields capital , which oversees $ 13 billion in assets for universities , hospitals and wealthy investors , plans to return as much as $ 2 billion to clients because it believes it can deliver better returns with less money .
jacobson , 53 , co - founded highfields after managing equities for harvard’s endowment . the firm can make equity and debt investments globally in event - driven or distressed situations , including restructurings , management changes and recapitalizations . it also takes positions on the rise and fall of stocks .
brad dunkley , waratah capital advisors , best idea : linamar corp $ lnr . to roe at all - time highs
highfields gained roughly 18 percent after fees through the end of september , a source close to the firm said , swelling its assets , but making jacobson’s investment team’s job harder . highfields now wants to be closer in size to what it managed at the start of 2013 , the letter said .
the highfields capital iv lp fund , the firm ' s biggest fund , with about $ 5 . 6 billion under management , returned 1 . 2 % for the first half of the year , according to investor documents . that ' s compared with a 9 . 3 % gain in the s & p ; 500 and an 11 % gain for the msci world index over the same period .
this describes the type of investor this organization is ( e . g . angel , fund of funds , venture capital )
brad dunkley , co - ceo at toronto - based waratah capital advisors , chose a canadian company to highlight on thursday .
telling attendees at the two - day charitable event in toronto that the owner of tim hortons and burger king has the best management team in the business with 3g capital , cowen thinks qsr can climb from about us $ 43 per share today to us $ 75 .
this describes the stage of investments made by this organization ( e . g . angel , fund of funds , venture capital )
cyrus reinsurance ii holdings spc is majority - owned by investment funds affiliated with highfields capital management lp . its subsidiary , cyrus reinsurance ii limited , is a class 3 bermuda reinsurer (
sidecar
) that is expected to enter into a collateralized quota share reinsurance treaty with xl re ltd and xl re europe ltd ( the
ceding companies
) . the treaty will cover policies incepting between january 1 , 2008 and july 1 , 2008 . lenders will be at risk for events occurring between january 1 , 2008 and july 1 , 2009 . capital cannot be returned to investors before september 1 , 2009 and equity capital cannot be returned to shareholders until all three loans have been repaid .
clients listed here were chosen as generally representative of the types of clients that comprise westfield capital management ' s institutional client base and were not chosen based on performance - based criteria . it is not known whether these clients approve or disapprove of the adviser or the advisory services provided
boston - based highfields uses a fundamental value - investing strategy , and though it is one of the biggest hedge funds , it doesn ' t often get much attention .
jacobson also noted that highfields will find itself sitting on a much bigger stack of cash that it needs to deploy in the coming year after many bets worked out well .
lastly , farb thinks a family and management - led buyout could surface at some point , although he believes this option is least beneficial to long - term shareholders .
great company to work for ; everyone is extremely helpful and willing to teach . very nice open company environment . senior management is very approachable and love to learn about their employees .
the redemptions , which would be about $ 375 million , come after boston - based highfields posted low single - digit returns last year , said the people , who asked not to be identified because the information is private . the firm is closed to new investments and returned about 15 percent of capital to clients in 2013 after it gained 27 percent that year .
vandad fartaj has been senior managing director and chief capital markets officer of pennymac financial services , inc . ( nyse : pfsi ) since february 2016 . he is responsible for all capital markets and investment - related activities , including the development and execution of investment strategies , secondary marketing , hedging activities and capital markets strategies with government - sponsored enterprises . in addition , mr . fartaj is responsible for developing and managing relationships with wall street broker - dealers and fixed income investors . mr . fartaj also serves as senior managing director and chief investment officer of pennymac mortgage investment trust ( nyse : pmt ) . previously , mr . fartaj was the company’s chief capital markets officer . he has served on the company’s management team since its founding in 2008 . prior to joining the company , mr . fartaj was employed in a variety of positions , from 1999 to 2008 , at countrywide securities corporation , a broker - dealer , managing the strategy and execution of the whole loan conduit . mr . fartaj is an experienced mortgage banking executive with substantial experience in capital markets , mortgage - related investments , and interest rate and credit risk management . mr . fartaj earned a bachelor’s degree in political science from the university of california , los angeles .
even with a smaller size , highfields will still rank among the $ 2 . 4 trillion hedge fund industry’s biggest players in part because it is not alone in deciding it is better to be smaller and more maneuverable .
andrew s . chang has been senior managing director and chief financial officer of pennymac financial services , inc . ( nyse : pfsi ) since january 2017 . he is responsible for overseeing the company’s financial management , reporting and controls , and tax management , as well as corporate development , portfolio acquisitions and investor relations activities . mr . chang also serves as senior managing director and chief financial officer of pennymac mortgage investment trust ( nyse : pmt ) . previously , mr . chang was the company’s chief business development officer and chief fund administration officer . he has served on the company’s management team since its founding in 2008 . prior to joining the company , mr . chang was employed at blackrock , inc . , a global investment management firm , from 2005 to 2008 , as a senior member in its advisory services practice , specializing in financial strategy and risk management for banks and mortgage companies . from 1999 to 2005 , he was a management consultant and engagement manager at mckinsey & company , a global consulting firm , advising large financial institutions in the areas of strategy , operational performance and organization . mr . chang earned an a . b . magna cum laude with highest honors in biology from harvard university .
ubs and ally have also agreed to provide $ 100 million in exit financing , while bondholders have agreed to backstop a $ 55 million rights offering meant to raise additional capital .
aspect capital ( aspect ) , the us $ 7 . 3bn systematic investment manager , today announced the launch of a ucits fund to provide investors with access to the aspect systematic global macro programme .
the boston - based money manager is the second prominent investment firm after baupost group to decide since september to shrink its capital as low interest rates and a strong stock market make it tougher to find new investments .
“while we are quite comfortable with our ability to generate good returns at our current size , we would rather be slightly smaller and generate better ones , ” jonathon jacobson , who co - founded highfields in 1998 , wrote in a letter sent to investors and seen by reuters .
balyasny asset management , which manages $ 12 billion , wrote about quants and passive investors fundamentally changing stock investing , and the $ 30 billion baupost group told clients earlier this month that low volatility could be a harbinger of
the next financial crisis .
the firm’s investment in mortgage - servicing company ocwen financial corp . dragged on performance . ocwen’s shares fell 73 percent last year as the company was accused by us and state regulators of mishandling foreclosures . highfields’ exposure to greek bank debt also hurt returns , one of the people said .
quants could worsen the next financial crisis , jonathon jacobson , founder of highfields , wrote in the letter . he highlighted the lead - up to the 1987 financial crisis and partly blamed
portfolio insurance ,
or
the concept of dynamically hedging an active portfolio with stock index futures .
irving , tx , october 31 , 2006 – michaels stores , inc . ( nyse : mik ) today announced the completion of the merger of michaels stores with affiliates of two leading global private investment firms , bain capital partners llc and the blackstone group . on june 30 , 2006 , affiliates of bain capital and blackstone entered into a merger transaction with michaels stores for a purchase price of more than $ 6 billion . under the terms of the merger agreement , michaels stores stockholders are entitled to receive $ 44 per share in cash , without interest .
mr . tozer has been a member of our board since august 2017 . mr . tozer served as the president of the government national mortgage association , or ginnie mae , from february 2010 to january 2017 . before joining ginnie mae , mr . tozer served as senior vice president of capital markets at national city mortgage company . he also has served as a charter member of the national lender advisory boards of both fannie mae and freddie mac , chairman of the capital markets committee of the mortgage bankers association of america ( mba ) , and as a member of the residential board of governors of the mba . mr . tozer received a b . s . degree in accounting and finance from indiana university in 1979 , and is a certified public accountant ( inactive ) and a certified management accountant . we believe mr . tozer is qualified to serve on our board because of his numerous years of experience in the mortgage and financial services businesses and his deep understanding of mortgage banking and agency relations .
“we are pleased with the successful outcome of this transaction , ” mr . boyer said . “we look forward to partnering with bain capital and blackstone to take michaels stores to the next level , both operationally and financially , and to realize our company’s full long - term potential with the help of our dedicated employees . ”
“if you look at ( qsr owner ) 3g capital’s patterns – and i haven’t spoken to anybody at 3g – every two to three years they tend to ramp up the acquisition machine , ” cowen said . “they did the tim hortons deal two years ago , so it seems like it’s time to do something else . ”
despite its size and muscle as an occasional activist investor at companies such as canadian coffee - and - doughnut chain tim hortons inc , highfields and jacobson work hard to stay out of the limelight . the firm seldom touts its success in being among the first investors to spot trouble at enron before it went bankrupt , and jacobson speaks only rarely at conferences and walks around his back bay office building without attracting as much as a second glance from other pedestrians .
david m . walker has been senior managing director and chief risk officer of pennymac financial services , inc . ( nyse : pfsi ) since january 2017 . he is responsible for enterprise risk management , credit risk management , mortgage compliance and internal audit . mr . walker also serves as senior managing director and chief risk officer of pennymac mortgage investment trust ( nyse : pmt ) . previously , mr . walker was the company’s chief credit and enterprise risk officer . he has served on the company’s management team since its founding in 2008 . prior to joining the company , mr . walker served in a variety of executive positions from 2002 to 2007 at countrywide bank , n . a . , including chief credit officer and chief lending officer . from 1992 to 2002 , he served in a variety of executive positions at countrywide funding corporation ( cfc ) , including executive vice president of secondary marketing and managing director and chief credit officer . prior to joining cfc , mr . walker was employed at citibank n . a . in leveraged acquisitions and u . s . securitization and at mckinsey & company as a finance specialist . mr . walker earned a b . a . from california state university , fullerton and an m . b . a . from the university of southern california .
highfields , which has had only two losing years since its inception in 1998 , was among many firms posting smaller gains as the hedge fund industry put in its worst showing since 2011 . funds averaged gains of 1 . 4 percent in 2014 , trailing the 11 percent advance by the standard & poor’s 500 index , according to data compiled by bloomberg . seth klarman’s $ 28 . 5 billion baupost group climbed as much as 8 percent , compared with its 17 percent annualized return since inception .
daniel s . perotti has been senior managing director and deputy chief financial officer of pennymac financial services , inc . ( nyse : pfsi ) since january 2017 . he is responsible for oversight of all accounting operations , the balance sheets , analysis of realized and projected financial performance , and valuation of investment assets for the company and the entities it manages . mr . perotti also serves as senior managing director and deputy chief financial officer of pennymac mortgage investment trust ( nyse : pmt ) . previously , mr . perotti was the company’s chief asset and liability management officer . he has served on the company ' s management team since 2010 . prior to joining the company , mr . perotti was a vice president at blackrock , inc . and served as the head of the quantitative research team within its blackrock solutions business from 2002 to 2008 . mr . perotti earned his bachelor of arts in economics and computer science from columbia university in 2002 .
3 ) alignment of interests : in moody ' s opinion , there is adequate alignment of interests between stakeholders given that the ceding companies will retain 90 % of premiums and losses with ample skin in the game . additionally , any reinsurance purchased by the ceding companies for its retained portfolio would inure to the benefit of the sidecar . dividend distributions to shareholders are prohibited , mitigating some of our concerns about the highly levered capital structure .
stanford l . kurland is the founder and executive chairman of pennymac financial services , inc . ( nyse : pfsi ) . mr . kurland has been the company’s executive chairman since january 2017 . previously , he was chairman of the board and chief executive officer of pennymac financial . mr . kurland also serves as executive chairman of pennymac mortgage investment trust ( nyse : pmt ) . mr . kurland also has served as chairman of pnmac capital management , llc ( pcm ) since its formation in march 2008 , and as chairman of pennymac loan services , llc ( pls ) since its formation in february 2008 . prior to the company’s founding , mr . kurland served as a director and , from 1979 to 2006 , held several executive positions , including president , chief financial officer and chief operating officer , at countrywide financial corporation , a diversified financial services company . mr . kurland holds a bachelor of science from california state university , northridge .
anne d . mccallion has been senior managing director and chief enterprise operations officer of pennymac financial services , inc . ( nyse : pfsi ) since january 2017 , and has been a member of pennymac financial ' s board of directors since february 2018 . she is responsible for overseeing the company’s enterprise operations function and has management responsibility for legal , regulatory relations , human resources , technology infrastructure and corporate administration . ms . mccallion also serves as senior managing director and chief enterprise operations officer of pennymac mortgage investment trust ( nyse : pmt ) . previously , ms . mccallion was the company’s chief financial officer . she has served on the company’s management team since 2009 . prior to joining the company , ms . mccallion was employed by countrywide ( and bank of america corporation , as its successor ) , where she worked in a variety of executive positions , including deputy chief financial officer and chief operations officer , from 1991 to 2008 . ms . mccallion earned a b . s . from gannon university in pennsylvania and an m . b . a . from ashland university in ohio .
deutsche bank maintained fifth street senior floating rate corp ( nasdaq : fsfr ) on wednesday , august 12 with “buy” rating . maxim group maintained fifth street senior floating rate corp ( nasdaq : fsfr ) on thursday , august 10 with “hold” rating . barclays capital maintained cbs corporation ( nyse : cbs ) on sunday , august 16 with “hold” rating . icon advisers holds 0 . 22 % of its portfolio in cbs corporation ( nyse : cbs ) for 50 , 904 shares .
derek w . stark has been senior managing director and chief legal officer and secretary of pennymac financial services , inc . ( nyse : pfsi ) since february 2018 . mr . stark is responsible for overseeing all of the company’s legal management , compliance and affairs , including securities , corporate governance and corporate transactions , and he serves as the primary legal contact with the company’s board of directors . he also serves as senior managing director and chief legal officer and secretary of pennymac mortgage investment trust ( nyse : pmt ) . mr . stark previously served as the company’s managing director , general counsel and secretary , and he has served on the company’s senior management team since 2009 . prior to joining the company and after leaving private practice , mr . stark served in a variety of executive positions , including executive vice president and deputy general counsel , from 1999 to 2008 , at countrywide financial corporation . mr . stark has served on the board of trustees of west hills hospital and medical center since 2013 . mr . stark earned a b . a . in political science from the university of california , berkeley and a j . d . from loyola law school , los angeles .
4 ) cash waterfall : at each quarterly interest payment date , trust assets that exceed loss reserves and a reserve cushion can be released to pay interest . however , capacity must exist to fully pay all remaining scheduled interest and principal on the senior secured term loans before any trust capital can be released to pay interest and principal on the senior subordinated or junior subordinated loans . the same rule applies to the priority of payments between the senior subordinated and junior subordinated loans . this cash waterfall is reflected in our financial modeling .
2 ) defaults are sensitive to rate and investment income assumptions : our analysis suggests that default rates and expected loss rates to debt holders are sensitive to assumptions about premium rates and investment yields . this is fairly intuitive given that equity capital is thin ( 75 % debt , 25 % equity ) and tranche attachment points are relatively low . that is to say , investors will have to rely more on premium income and investment income to defray losses . premium rates in 2008 are uncertain . in our financial modeling , we have modeled for the possibility that rates may fall up to 20 % from their 2007 levels . additionally , we have modeled investment returns stochastically .
cyrus re ii is expected to provide collateralized quota share coverage exclusively to two subsidiaries of xl capital ltd ( nyse : xl ) - - xl re ltd ( aa3 / stable ) and xl re europe ltd ( the
ceding companies
) . if the quota share agreement is executed , the ceding companies will pass on ( cede ) - - and cyrus re ii will assume - - 10 % of the premiums and losses on a future portfolio of non - proportional catastrophe reinsurance contracts . those underlying contracts will be written in 2008 and will cover natural catastrophe risks throughout the world . the future portfolio is expected to be similar to the ceding companies ' existing portfolio as client retention tends to be relatively high . this quota share agreement , if executed , will be distinct and separate from the ceding companies ' previous sidecar , cyrus reinsurance limited .
doug jones has been senior managing director and chief mortgage banking officer of pennymac financial services , inc . ( nyse : pfsi ) since january 2017 , and he was appointed president of pennymac loan services ( pls ) in march 2017 . mr . jones is responsible for all business activities relating to the company’s loan production , loan servicing and application development operations . mr . jones also serves as senior managing director and chief mortgage banking officer of pennymac mortgage investment trust ( nyse : pmt ) and as senior managing director and chief mortgage banking officer of private national mortgage acceptance company , llc ( pnmac ) . previously , mr . jones was the company’s chief correspondent lending officer . he has served on the company’s management team since 2012 . prior to joining the company , mr . jones worked in several executive positions , including senior managing director , correspondent and warehouse lending , at countrywide ( and bank of america corporation , as its successor ) from 1997 until 2011 , where he was responsible for managing and overseeing retail sales at bank of america , in addition to correspondent and warehouse lending operations . mr . jones earned a b . a . in economics from california state university , sacramento .
harry & david , the purveyor of fruit - filled gift baskets , filed for bankruptcy protection on monday as part of an effort to reorganize its troubled finances .
the company filed what is known as a prearranged chapter 11 plan in delaware bankruptcy court . under that plan , bondholders would take over by converting their debt holdings into equity .
the prearranged chapter 11 plan , which could eliminate almost all of harry & david’s $ 198 million in bond debt , is meant to avoid a protracted struggle in bankruptcy court as the company continues trying to rebound from its recession - related woes .
“we believe that entering into this agreement provides the best opportunity for harry & david to restructure its balance sheet on an expedited basis , strengthen its operations and create long - term value , while continuing to provide customers with the highest quality products and service , ” kay hong , chief restructuring officer and interim chief executive , said in a statement on monday .
harry & david’s existing lenders , ubs and ally financial , have agreed to provide about $ 100 million in debtor - in - possession financing to help it continue operating while in bankruptcy . bondholders would provide another $ 55 million .
harry & david’s plans come as no surprise . the company has been working with advisers — the investment bank rothschild , the law firm jones day and the consulting firm alvarez & marsal — on possible reorganization options .
a weak holiday season helped drive some of harry & david’s troubles . for the quarter that ended dec . 25 , sales fell 1 . 8 percent , to $ 262 . 1 million , compared with $ 267 million in the period a year earlier . gross profit dropped 20 . 6 percent , to $ 104 . 2 million .
“during the 2010 holiday season , the debtors expected a significant improvement in sales performance , which ultimately did not materialize , ” ms . hong wrote in a court filing . “in order to clear inventory purchases , the debtors were forced to discount even more heavily than anticipated . ”
last month , harry & david warned in a regulatory filing that it might need to file for bankruptcy . and this month , the company skipped a $ 7 million interest payment on some of its bonds as it negotiated with its creditors .
wasserstein & company , which also owns some of harry & david’s bonds and is expected to retain some equity , has already recouped 1 . 25 times its initial investment , according to a person briefed on the matter who was not authorized to speak publicly about confidential investor details .
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new york , november 27 , 2007 - - moody ' s has assigned the following ratings to three proposed bank loans of cyrus reinsurance ii limited (
cyrus re ii
) : ba1 to the $ 65 million senior secured term loan , ba3 to the $ 20 million senior subordinated secured term loan , and b3 to the $ 20 million junior subordinated secured term loan .
cyrus re ii is a type of limited purpose reinsurer that is commonly referred to as a ' sidecar ' ,
explains senior analyst kevin lee .
the sidecar will be capitalized with $ 35 million of equity and $ 105 million of term loans ( 75 % debt , 25 % equity ) ,
notes mr . lee .
the term loans are arrayed in tranches , each having a different probability of attachment , expected loss , and priority with respect to interest and principal payments , hence the difference in ratings .
the ratings for the term loans are supported by moody ' s financial modeling to determine both the probability of default (
pd
) and expected loss (
el
) to lenders . the most important inputs into the financial model are the annual aggregate probability loss curve derived by the ceding companies ( the
base curve
) , premium assumptions , and investment income assumptions . moody ' s applied stress factors and performed sensitivity analysis on all three inputs ( see below ) . the pds and els from our simulation runs were then compared to moody ' s idealized default rates and expected loss rates over a weighted average life of about 1 . 7 years for each loan . finally , the assigned ratings also reflect , in our opinion , sufficient alignment of interests between stakeholders .
for more information on moody ' s approach to rating sidecars , as well as a comparison of sidecars and cat bonds , please refer to our special comment titled
reinsurance sidecars : moody ' s five principles
, dated march 2007 .
1 ) model risk : catastrophe modeling error is the most important risk factor . the ceding companies modeled their existing portfolio using rms 6 . 0 peril models that are common in the industry . parameter uncertainty , the quality of input data , and how the models are used can all contribute to modeling error .
in general , the current portfolio is diversified with respect to geography and layers of coverage . a majority of the current portfolio consists of personal lines and standard commercial risks which generally offer more homogeneous data than industrial and surplus lines risks . the ceding companies receive exposure data from clients or brokers for nearly all underlying contracts , allowing the ceding companies to duplicate the modeling work with all discretionary ( more conservative ) settings applied ( e . g . , near - term hurricane event rates , secondary perils like storm surge , fire following and , when feasible , sprinkler leakage , loss amplification , and secondary uncertainty ) . one notable exception is assumed retrocession business ( 2 . 5 % of current portfolio limits ) , for which exposure data isn ' t available , but is nonetheless modeled by the ceding companies . many of the covered perils are modeled using rms 6 . 0 peril models . european flood , european earthquake and attritional losses ( e . g . , midwest floods , brushfires , etc . ) are modeled using in - house curve fitting methods .
moody ' s has applied a moderate load to the base curve to account for the following elements : 1 ) potential deviations from the expected portfolio ( e . g . , exposure growth and change in mix ) ; 2 ) difficult - to - model classes of business such as industrial and surplus lines risks ( estimated to be roughly 20 % of current portfolio limits ) ; 3 ) non - modeled contract elements such as loss adjustment expenses and extra - contractual obligations ( i . e . , bad faith claims ) ; 4 ) inherent uncertainty in peril modeling especially as it relates to perils like earthquakes where little historical data is available for model calibration ; and 5 ) a small load for perils that are not modeled by any methods such as volcanic eruption , meteorite impact , tsunami , domestic terrorism and industrial / residential conflagration .
cyrus reinsurance ii limited - - $ 20 million junior subordinated secured term loan at b3 .
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traders on the floor of the new york stock exchange shortly after the closing bell .
quants use algorithms to make investment bets , while passive funds track market indexes . both are challenging active managers , the human - backed stock pickers that have traditionally dominated wall street .
a $ 13 billion hedge fund that flies under the radar is sounding the alarm on one of the biggest investment trends : quants and passive investing .
portfolio insurance , he wrote , contributed
to the complacency as the market ascended to nosebleed territory and most definitely contributed to the downward spiral of that fateful friday , monday , and tuesday in october 1987 .
the strategies employed by many of today ' s quant and other systematic investors are essentially the same thing ,
he wrote .
they weight securities or asset classes based upon their ' risk ' as measured by volatility . much like portfolio insurance , this strategy gives the purveyor the comfort to take more risk than he or she would otherwise take , and ' works ' well in benign markets .
quant strategies have recently pulled in huge amounts of money , becoming some of the biggest players in hedge funds . renaissance technologies , a secretive computer - driven fund , increased its assets by about 42 % last year , adding $ 12 billion , and two sigma investments grew by 20 % , adding some $ 5 billion over last year , according to the hedge fund intelligence billion dollar club ranking .
the bigger point is that the ability for both passive and quant funds to outperform active , fundamentally oriented managers into perpetuity is improbable at best . in regard to the ' quants , ' hundreds of billions of dollars can ' t exploit the same ' inefficiency ' for long . my sense is that we are a lot closer to the end than the beginning of these strategies producing excess returns .
jacobson also touched on the market ' s historic low volatility , a common theme in hedge fund managers ' recent client letters . managers usually send letters to their clients in the weeks after the close of each quarter .
common sense would suggest markets should be more fragile , not less . congress is hopelessly gridlocked . the attempt to reform obamacare failed miserably . it seems more unlikely every day that either major tax reform and / or some sort of economic stimulus package will be enacted , and these are the twin premises that have underpinned the ' trump trade . ' central bankers seem determined to end the dual policies of zero interest rates and quantitative easing . and from a geopolitical standpoint , we have a highly inexperienced and impetuous president sitting atop a world that has never seemed more precarious .
typically , protracted periods of good market performance are characterized by low volatility and excessive complacency . we can ' t prove this , but we are convinced that ' quant ' funds , which have attracted hundreds of billions of dollars in the last few years and a significant portion of which use leverage , and whose models and various strategies are largely based on price action and correlations extracted from the reasonably recent past when volatility has been low ( largely of their own making ) , have contributed mightily to the illusion that market risk is low . as the money continues to flow into these strategies , this dynamic becomes self - fulfilling .
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decisions by top investment firms to limit access might prove disappointing for institutional investors , who have been increasingly seeking access to hedge funds as a safe and low - volatility option in a tricky investing landscape , but might now be shut out .
like other managers who have worried aloud about where to find the next top investment , jacobson , whose firm listed 102 u . s . stock positions at the end of the second quarter , said a strong stock market factored into his decision to slim down .
“it has become increasingly difficult to find new compelling investments given today’s low interest rates and how much equity multiples have expanded over the past 12 months , ” he wrote .
“as a handful of hard catalysts in some of our existing positions have come to fruition and with the continued run - off of our credit book , we foresee 15 - 20 percent ( and perhaps more ) of the current portfolio turning into cash over the next 12 - 18 months , ” he wrote .
jacobson and his team have already started to take some profits from successful positions . for example , in the second quarter , the firm trimmed its bet on lender slm corp , whose stock rose 44 . 5 percent this year . it also cut its position in united parcel service inc , whose stock climbed 23 . 5 percent his year , regulatory filings show .
finally , jacobson said the firm has made money by shorting , or betting against , certain securities , but that it was becoming more difficult to make these investments as the firm grew .
seth klarman’s $ 28 billion baupost group , one of the world’s biggest hedge funds , plans to return a yet - to - be - decided sum of money to clients at year’s end , two people familiar with the boston - based firm’s plans said last month .
it would be only the second time in klarman’s 31 years of running baupost that he is giving money back , and the reason is that it is getting tougher to put all of the cash to work , said the sources , who asked not to be named .
daniel loeb’s $ 13 billion third point llc also decided earlier this year to stop taking in any new money as a way of limiting the fund’s size .
institutional holdings information is filed by major institutions on form 13 - f with the securities and exchange commission .
washington trust provides $ 19 . 5 million in financing for multi - tenant retail center in waterbury ,
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