|Born||1965 (age 48–49)|
New York City
|Education||A.B. in applied mathematics Harvard College, 1987
Master's degree in Environmental Management Yale School of Forestry and Environmental Studies, 2004
|Occupation||Founder, Chairman, and CEO of Fletcher Asset Management
Founder of the Fletcher Foundation
|Employer||Bear Stearns (1987–??)
Kidder Peabody (19??–91)
Fletcher Asset Management (1991–present)
|Known for||Hedge fund management, Kidder Peabody discrimination lawsuit, Dakota discrimination lawsuit, Philanthropy|
|Spouse(s)||Ellen K. Pao (2007–present)|
|Relatives||Todd Fletcher and Geoffrey S. Fletcher (brothers)|
Fletcher began his career as a quantitative equity trader at Bear Stearns, and later worked at Kidder, Peabody & Co. Fletcher, who is African American, sued Kidder Peabody for racial discrimination. Although his racial discrimination claims were dismissed, he eventually won an arbitration award of US$1.26 million. Fletcher has also been involved in litigation centered on a dispute with the board of The Dakota building in Manhattan, New York.
In 1991, he founded Fletcher Asset Management. Fletcher's main fund, Fletcher International, may have been insolvent since 2008 and was declared bankrupt in 2012. Money from the fund was used to fund his brother's movie project according the bankruptcy court trustee.
Early life and education
Fletcher was raised in Waterford, Connecticut. His father Alphonse Sr. was a technician at the Electric Boat Corporation in Groton, a company that makes submarines. His mother Bettye, a long-time teacher and later a social worker, a dean, and school principal, received a Ph.D. in Education from Teachers College, Columbia University. Fletcher has two younger brothers.
He attended Harvard College where he received an A.B. degree as an applied mathematics major in 1987. He was elected first marshall (ceremonial position) of the 1987 class. He earned a Master's degree in Environmental Management from the Yale School of Forestry and Environmental Studies in 2004.
After graduating from college in 1987, Fletcher began his career at Bear Stearns as a quantitative equity trader who capitalized on dividend-related arbitrage. He was recruited to Kidder Peabody as a trader in the equity trading group.
Fletcher Asset Management
During Fletcher Asset Management's first four years, it traded with heavy leverage. His general strategy was trading public instruments for his own account and on behalf of clients, but he also made longer-term equity investments. He used hedges with both types of investments. He has also been involved in PIPE deals. His firm's trading activity at one time occasionally accounted for 5% of the volume on the New York Stock Exchange. In 1994, Fletcher surrendered his broker-dealer registration and became a registered investment adviser, which made managing money more convenient.
In July 2011, FIA Leveraged Fund, an investment vehicle managed by Fletcher Asset Management, was unable to meet a redemption request totaling $144 million by three Louisiana pension fund investors. In April 2012, the Grand Court of the Cayman Islands ruled that the fund was insolvent and ordered that it be wound up (liquidated). In June 2012, Fletcher International Ltd., the Bermuda-based "master fund" for the Fletcher funds, filed for Chapter 11 bankruptcy in Manhattan.
In November 2013, Richard J. Davis, the court-appointed Chapter 11 Trustee of Fletcher International Ltd. said that his investigation shows the Fletcher fund investors were victims of a fraud perpetrated by Alphonse Fletcher and others at Fletcher Asset Management which enabled them to divert investors funds for their own benefit and that the Fletcher International Ltd. fund and its feeder funds were likely insolvent as early as 2008.
Fletcher's main fund, Fletcher International, filed for bankruptcy in 2012. A February 2014 article in The New York Times describes Alphonse "Buddy" Fletcher, Jr. as being the operator of, basically, a Ponzi scheme.
Alphonse Fletcher vs. Kidder Peabody
In 1991, after having been employed as an equity trader at Kidder Peabody, Fletcher filed a lawsuit in New York state court for employment discrimination based on race. The New York Court of Appeals ruled that Fletcher's claim must be arbitrated. In a NYSE arbitration, Fletcher was awarded $1.26 million, and in a subsequent arbitration, the racial discrimation claim was dismissed.
In February 2011, Fletcher filed a lawsuit against the Board of Directors of The Dakota co-op building in Manhattan, where he had lived since 1992. Among other things, he alleged defamation and unlawful discrimination. In March 2010, Fletcher had signed a contract to purchase another apartment at The Dakota, intending to combine it with his current apartment. The Dakota board said it rejected Fletcher's application based on the financial materials he provided in his application.
Fletcher Foundation and philanthropy
In 1993, following the death of friend and advisor Reginald Lewis, Fletcher donated $1 million to the Reginald F. Lewis Memorial Endowment. The endowment had been created by the National Association for the Advancement of Colored People after Lewis instructed his wife to bequeath $2 million to the organization.
In 2004, Fletcher created the Alphonse Fletcher University Professor Fellowship program to financially support professors working to improve race relations at Harvard. Funded as part of the Fletcher Foundation, Henry Louis Gates, Jr. is the Alphonse Fletcher University Professor at Harvard.
In 2007, Alphonse Fletcher married Ellen Pao, then a partner at venture capital firm Kleiner Perkins Caufield & Byers and, along with Fletcher, a Crown Fellow at the Aspen Institute. Fletcher has a daughter, Matilda Pao Fletcher.
Fletcher and his wife have lived in the St. Regis Residence in San Francisco. Fletcher also owns homes in The Dakota in New York City. He put his Cornwall, Connecticut home up for sale in August 2013.
- Bradley, Richard (March 2012). "Is Harvard's Buddy Fletcher a Financial Genius- or a Fake?". Boston Magazine. Retrieved 26 April 2012.
- Pension Funds Sue on a Deal Gone Cold February 24, 2014 Deal B%k by Rachel Abrams New York Times
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- "Alphonse Fletcher, Jr., Appellant, v. Kidder, Peabody & Company, Inc., Respondent. / Rita Reid, Appellant, V Goldman, Sachs & Co. Et Al., Respondent". Cornell University Law School. 1993-07-09. Retrieved 2008-09-15.
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