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| resting_place =
| resting_place =
| resting_place_coordinates =
| resting_place_coordinates =
| residence = [[The Dakota]]<br>New York City
| residence = [[The Dakota]]<br>New York City
| other_names = Buddy
| other_names = Buddy
| known_for = Hedge fund management, Kidder Peabody discrimination law suit, Dakota discrimination lawsuit, philanthropy
| known_for = Hedge fund management, Kidder Peabody discrimination lawsuit, Dakota discrimination lawsuit, Philanthropy
| education = [[Bachelor of Arts|A.B.]] in [[applied mathematics]] [[Harvard College]], 1987<br />[[Master's degree]] in Environmental Management [[Yale School of Forestry and Environmental Studies]], 2004
| education = [[Bachelor of Arts|A.B.]] in [[applied mathematics]] [[Harvard College]], 1987<br />[[Master's degree]] in Environmental Management [[Yale School of Forestry and Environmental Studies]], 2004
| employer = [[Bear Stearns]] (1987–??)<br />[[Kidder Peabody]] (19??–91)<br />Fletcher Asset Management (1991–present)
| employer = [[Bear Stearns]] (1987–??)<br />[[Kidder Peabody]] (19??–91)<br />Fletcher Asset Management (1991–present)
| occupation = Founder, Chairman, and [[CEO]] of Fletcher Asset Management
| occupation = Founder, Chairman, and [[CEO]] of Fletcher Asset Management <br> Founder of the [[Fletcher Foundation]]
| spouse = [[Ellen K. Pao]] (2007–present)
| spouse = [[Ellen K. Pao]] (2007–present)
| partner =
| partner =
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| footnotes =
| footnotes =
}}
}}
'''Alphonse "Buddy" Fletcher, Jr.''' (born 1965) is a [[hedge fund]] manager and founder of the [[Fletcher Foundation]].
⚫
'''Alphonse "Buddy" Fletcher, Jr.''' (born 1965) is an American hedge fund manager. He began his career as a quantitative equity trader at [[Bear Stearns]], and later worked at [[Kidder, Peabody & Co.]]. Fletcher, an 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.<ref>{{cite news|last=Bradley|first=Richard|title=Is Harvard's Buddy Fletcher a Financial Genius- or a Fake?|url=http://www.bostonmagazine.com/articles/is_harvard_graduate_buddy_fletcher_financial_genius_or_fake/page2|accessdate=26 April 2012|newspaper=Boston Magazine|date=March 2012}}</ref> In 1991, he founded Fletcher Asset Management. Fletcher has also been involved in litigation centered on a dispute with the board of [[The Dakota]] building in [[Manhattan]], [[New York]]. One of his funds ran into trouble in 2011 and was declared insolvent in 2012.


⚫
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.<ref>{{cite news|last=Bradley|first=Richard|title=Is Harvard's Buddy Fletcher a Financial Genius- or a Fake?|url=http://www.bostonmagazine.com/articles/is_harvard_graduate_buddy_fletcher_financial_genius_or_fake/page2|accessdate=26 April 2012|newspaper=Boston Magazine|date=March 2012}}</ref> Fletcher has also been involved in litigation centered on a dispute with the board of [[The Dakota]] building in [[Manhattan]], [[New York]].
⚫
==Personal life and education==
⚫
Fletcher was raised in [[Waterford, Connecticut]].<ref name="5MGAtFLoBC" /> His father Alphonse Sr. was a technician at the [[Electric Boat Corporation]] in [[Groton, Connecticut|Groton]],<ref name="CpWnBFM5">{{cite web|url=http://aspen.conncoll.edu/news/1580.cfm|title=Community philanthropist, Waterford native Buddy Fletcher May 5|accessdate=2008-09-14|date=2005-04-25|publisher=[[Connecticut College]]|author=Martin, Amy}}</ref> a company that makes submarines. His mother Bettye, a long-time teacher and later a social worker, a [[Dean (education)|dean]], and school principal, received a [[Ph.D.]] in Education from [[Teachers College, Columbia University]].<ref name="5MGAtFLoBC" /><ref name="CpWnBFM5" /> Fletcher has two younger brothers. His brother [[Geoffrey S. Fletcher]] is the first African-American to win an [[Academy Award]] for screenwriting.<ref name="5MGAtFLoBC" />


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.<ref name=deal/>
⚫
He attended [[Harvard College]] where he received an [[Bachelor of Arts|A.B.]] degree as an applied mathematics major in 1987.<ref name="UPNfF">{{cite web|url=http://news.harvard.edu/gazette/1996/04.25/UniversityProfe.html |title=University Professorship Named for Fletcher: Honors graduate of Harvard Class of 1987 |accessdate=2008-09-12 |date=1996-04-25 |publisher=President and Fellows of Harvard College |work=Harvard University Gazette |archiveurl=http://web.archive.org/web/20060903162721/http://www.hno.harvard.edu/gazette/1996/04.25/UniversityProfe.html |archivedate = September 3, 2006|deadurl=yes}}</ref> He was elected first marshall (ceremonial position) of the 1987 class.<ref name="PCFsim">{{cite web|url=http://www.news.harvard.edu/gazette/2006/02.16/01-profchallenge.html |title=Professorship Challenge Fund set into motion: Harvard donors aim to increase faculty resources across University |accessdate=2008-09-12 |date=2006-02-16 |publisher=President and Fellows of Harvard College |work=Harvard University Gazette}}</ref> He earned a [[Master's degree]] in Environmental Management from the [[Yale School of Forestry and Environmental Studies]] in 2004.<ref>{{cite web|url=http://home.nycap.rr.com/businessteacher/Index_files/Page564.htm|title=Alphonse Fletcher, Jr.|accessdate=2008-09-12|author=Dipnarine, Danny, James Kocienski, and Apollo Marmarinos|publisher=Michael Hover}} {{dead link| date=June 2010 | bot=DASHBot}}</ref>


⚫
==Early life and education==
⚫
In 2007, Fletcher married Ellen K. Pao, a partner at venture capital firm [[Kleiner Perkins Caufield & Byers]] and, along with Fletcher, a Crown Fellow at the [[Aspen Institute]].<ref name=TMatCoaDatD>{{cite web|url=http://www.nytimes.com/2011/02/26/nyregion/26dakota.html|title= The Man at the Center of a Dispute at the Dakota|accessdate=2011-02-26|date=2011-02-26|publisher=[[The New York Times Company]]|work=[[The New York Times]]|author=Haughney, Christine and Peter Lattman}}</ref><ref name=Aspen>{{cite web|url=http://www.aspeninstitute.org/news/2007/06/14/aspen-institute-names-emerging-leaders-2007-henry-crown-fellows|title=Aspen Institute Names Emerging Leaders As 2007 Henry Crown Fellows|accessdate=2007-06-14|publisher=The Aspen Institute}}</ref> Fletcher and Pao have one daughter.<ref name=TMatCoaDatD/>
⚫
Fletcher was raised in [[Waterford, Connecticut]].<ref name="5MGAtFLoBC" /> His father Alphonse Sr. was a technician at the [[Electric Boat Corporation]] in [[Groton, Connecticut|Groton]],<ref name="CpWnBFM5">{{cite web|url=http://aspen.conncoll.edu/news/1580.cfm|title=Community philanthropist, Waterford native Buddy Fletcher May 5|accessdate=2008-09-14|date=2005-04-25|publisher=[[Connecticut College]]|author=Martin, Amy}}</ref> a company that makes submarines. His mother Bettye, a long-time teacher and later a social worker, a [[Dean (education)|dean]], and school principal, received a [[Ph.D.]] in Education from [[Teachers College, Columbia University]].<ref name="5MGAtFLoBC" /><ref name="CpWnBFM5" /> Fletcher has two younger brothers.


⚫
He attended [[Harvard College]] where he received an [[Bachelor of Arts|A.B.]] degree as an [[applied mathematics]] major in 1987.<ref name="UPNfF">{{cite web|url=http://news.harvard.edu/gazette/1996/04.25/UniversityProfe.html |title=University Professorship Named for Fletcher: Honors graduate of Harvard Class of 1987 |accessdate=2008-09-12 |date=1996-04-25 |publisher=President and Fellows of Harvard College |work=Harvard University Gazette |archiveurl=http://web.archive.org/web/20060903162721/http://www.hno.harvard.edu/gazette/1996/04.25/UniversityProfe.html |archivedate = September 3, 2006|deadurl=yes}}</ref> He was elected first marshall (ceremonial position) of the 1987 class.<ref name="PCFsim">{{cite web|url=http://www.news.harvard.edu/gazette/2006/02.16/01-profchallenge.html |title=Professorship Challenge Fund set into motion: Harvard donors aim to increase faculty resources across University |accessdate=2008-09-12 |date=2006-02-16 |publisher=President and Fellows of Harvard College |work=Harvard University Gazette}}</ref> He earned a [[Master's degree]] in Environmental Management from the [[Yale School of Forestry and Environmental Studies]] in 2004.<ref>{{cite web|url=http://home.nycap.rr.com/businessteacher/Index_files/Page564.htm|title=Alphonse Fletcher, Jr.|accessdate=2008-09-12|author=Dipnarine, Danny, James Kocienski, and Apollo Marmarinos|publisher=Michael Hover}} {{dead link| date=June 2010 | bot=DASHBot}}</ref>
⚫
Prior to his marriage to Pao, Fletcher lived with his [[Same-sex relationship|partner]] Hobart V. Fowlkes Jr. for over 10 years.<ref>{{cite web|url=http://www.nytimes.com/2004/05/18/nyregion/50-million-gift-aims-to-further-legacy-of-brown-case.html?pagewanted=all&src=pm|title=$50 Million Gift Aims to Further Legacy of Brown Case|accessdate=2023-04-29|date=2004-05-18|publisher=[[The New York Times Company]]|work=[[The New York Times]]|author=Rimer, Sara}}</ref>


==Career==
==Professional career==
After graduating from college in 1987, Fletcher began his career at Bear Stearns as a quantitative equity [[Trader (finance)|trader]] who capitalized on dividend-related arbitrage.<ref name=TBYGASP>{{cite web|url=http://www.businessweek.com/archives/1994/b339572.arc.htm |title=To Be Young, Gifted, and Sitting Pretty |accessdate=2008-09-12 |date=1994-10-24 |publisher=[[The McGraw-Hill Companies Inc.]] |work=[[BusinessWeek]]}}</ref> He was recruited to Kidder Peabody as a trader in the equity trading group. After his tenure at Kidder Peabody, he founded Fletcher Asset Management.<ref name="UPNfF" /><ref name="PCFsim" /> Fletcher Asset Management makes private investments in small-capitalization public companies.
After graduating from college in 1987, Fletcher began his career at Bear Stearns as a quantitative equity [[Trader (finance)|trader]] who capitalized on dividend-related arbitrage.<ref name=TBYGASP>{{cite web|url=http://www.businessweek.com/archives/1994/b339572.arc.htm |title=To Be Young, Gifted, and Sitting Pretty |accessdate=2008-09-12 |date=1994-10-24 |publisher=[[The McGraw-Hill Companies Inc.]] |work=[[BusinessWeek]]}}</ref> He was recruited to Kidder Peabody as a trader in the equity trading group.<ref name="UPNfF" /><ref name="PCFsim" />


===Fletcher Asset Management===
===Fletcher Asset Management===
After his tenure at Kidder Peabody, he founded Fletcher Asset Management.<ref name="UPNfF" /><ref name="PCFsim" /> Fletcher Asset Management makes private investments in small-capitalization public companies.

During Fletcher Asset Management's first four years, it traded with heavy [[Leverage (finance)|leverage]].<ref name="SMW">{{citation |title=Stock Market Wizards |publisher=[[Harper Collins]]|year=2003|author=Schwager, Jack D.}}</ref> 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 [[hedge (finance)|hedges]] with both types of investments.<ref name="TBS">{{cite web|url=http://www.newyorker.com/archive/1996/04/29/1996_04_29_082_TNY_CARDS_000375207|title=The Buddy System|accessdate=2008-09-13|date=1996-04-29|publisher=[[CondéNet]]|work=[[The New Yorker]]|author=Heller, Zoe}}</ref> He has also been involved in [[PIPE deal]]s.<ref>{{cite web|url=http://query.nytimes.com/gst/fullpage.html?res=9E0CE1DB1031F936A35755C0A9629C8B63|title= When Private Mixes With Public; A Financing Technique Grows More Popular and Also Raises Concerns|accessdate=2008-09-16|date=2004-06-05|publisher=[[The New York Times Company]]|work=[[The New York Times]]|author=Atlas, Riva D.}}</ref> His firm's trading activity at one time occasionally accounted for 5% of the volume on the [[New York Stock Exchange]].<ref name="4U41AFJ">{{cite web|url=http://mycrains.crainsnewyork.com/40under40/profiles/1998/1020|title=40 Under 40 > 1998 > Alphonse Fletcher Jr. |accessdate=2008-09-12|publisher=[[Crain Communications]]|work=[[Crain's New York Business]]|author=Birger, Jon}}</ref> In 1994, Fletcher surrendered his [[broker-dealer]] registration and became a [[registered investment adviser]], which made managing money more convenient.<ref name="TBYGASP" />
During Fletcher Asset Management's first four years, it traded with heavy [[Leverage (finance)|leverage]].<ref name="SMW">{{citation |title=Stock Market Wizards |publisher=[[Harper Collins]]|year=2003|author=Schwager, Jack D.}}</ref> 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 [[hedge (finance)|hedges]] with both types of investments.<ref name="TBS">{{cite web|url=http://www.newyorker.com/archive/1996/04/29/1996_04_29_082_TNY_CARDS_000375207|title=The Buddy System|accessdate=2008-09-13|date=1996-04-29|publisher=[[CondéNet]]|work=[[The New Yorker]]|author=Heller, Zoe}}</ref> He has also been involved in [[PIPE deal]]s.<ref>{{cite web|url=http://query.nytimes.com/gst/fullpage.html?res=9E0CE1DB1031F936A35755C0A9629C8B63|title= When Private Mixes With Public; A Financing Technique Grows More Popular and Also Raises Concerns|accessdate=2008-09-16|date=2004-06-05|publisher=[[The New York Times Company]]|work=[[The New York Times]]|author=Atlas, Riva D.}}</ref> His firm's trading activity at one time occasionally accounted for 5% of the volume on the [[New York Stock Exchange]].<ref name="4U41AFJ">{{cite web|url=http://mycrains.crainsnewyork.com/40under40/profiles/1998/1020|title=40 Under 40 > 1998 > Alphonse Fletcher Jr. |accessdate=2008-09-12|publisher=[[Crain Communications]]|work=[[Crain's New York Business]]|author=Birger, Jon}}</ref> In 1994, Fletcher surrendered his [[broker-dealer]] registration and became a [[registered investment adviser]], which made managing money more convenient.<ref name="TBYGASP" />


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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.<ref>{{cite news|last=Barbabnel|first=Josh|title=Bankruptcy Trustee Says Fletcher Investments Inflated Through Fraud|url=http://online.wsj.com/news/articles/SB10001424052702303562904579224121307392010?mod=WSJ_hp_LEFTWhatsNewsCollection|accessdate=27 November 2013|newspaper=The Wall Street Journal|date=23 November 2013}}</ref><ref>{{cite news|last=Davis|first=Richard|title=Trustee's Report and Disclosure Statement|url=http://online.wsj.com/public/resources/documents/1127fletchertrustee.pdf|accessdate=27 November 2013|newspaper=The Wall Street Journal|date=23 November 2013}}</ref>
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.<ref>{{cite news|last=Barbabnel|first=Josh|title=Bankruptcy Trustee Says Fletcher Investments Inflated Through Fraud|url=http://online.wsj.com/news/articles/SB10001424052702303562904579224121307392010?mod=WSJ_hp_LEFTWhatsNewsCollection|accessdate=27 November 2013|newspaper=The Wall Street Journal|date=23 November 2013}}</ref><ref>{{cite news|last=Davis|first=Richard|title=Trustee's Report and Disclosure Statement|url=http://online.wsj.com/public/resources/documents/1127fletchertrustee.pdf|accessdate=27 November 2013|newspaper=The Wall Street Journal|date=23 November 2013}}</ref>

===Fund bankruptcy===
Fletcher's main fund, Fletcher International, filed for bankruptcy in 2012.<ref name=deal/> A February 2014 article in The New York Times describes Alphonse "Buddy" Fletcher, Jr. as being the operator of, basically, a [[Ponzi scheme]].<ref name=deal>[http://dealbook.nytimes.com/2014/02/24/pension-funds-sue-on-a-deal-gone-cold/ Pension Funds Sue on a Deal Gone Cold] February 24, 2014 Deal B%k by Rachel Abrams New York Times</ref>


==Litigation==
==Litigation==
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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.<ref name=NytBoAcBias>{{cite web| url=http://www.nytimes.com/2011/02/02/nyregion/02dakota.html|title= Dakota Co-op Board Is Accused of Bias |date=2011-02-28|work=[[The New York Times]]|author=Haughney, Christine and Peter Lattman}}</ref> 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.<ref name=TMatCoaDatD/><ref>{{cite web| url=http://dealbook.nytimes.com/2011/02/02/the-money-manager-who-is-suing-the-dakota/|title= The Money Manager Who Is Suing the Dakota|date=2011-02-02|work=[[The New York Times]]|author=Lattman, Peter Lattman}}</ref>
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.<ref name=NytBoAcBias>{{cite web| url=http://www.nytimes.com/2011/02/02/nyregion/02dakota.html|title= Dakota Co-op Board Is Accused of Bias |date=2011-02-28|work=[[The New York Times]]|author=Haughney, Christine and Peter Lattman}}</ref> 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.<ref name=TMatCoaDatD/><ref>{{cite web| url=http://dealbook.nytimes.com/2011/02/02/the-money-manager-who-is-suing-the-dakota/|title= The Money Manager Who Is Suing the Dakota|date=2011-02-02|work=[[The New York Times]]|author=Lattman, Peter Lattman}}</ref>


==Fletcher Foundation and philanthropy==
==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.<ref>{{cite web|url=http://query.nytimes.com/gst/fullpage.html?res=980CE7DE163BF935A1575AC0A965958260|title=Gifts Help N.A.A.C.P. Focus on Economic Agenda |accessdate=2008-09-12|date=1993-09-26|publisher=[[The New York Times Company]]|work=[[The New York Times]]|author=Teltsch, Kathleen}} {{dead link| date=June 2010 | bot=DASHBot}}</ref>
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.<ref>{{cite web|url=http://query.nytimes.com/gst/fullpage.html?res=980CE7DE163BF935A1575AC0A965958260|title=Gifts Help N.A.A.C.P. Focus on Economic Agenda |accessdate=2008-09-12|date=1993-09-26|publisher=[[The New York Times Company]]|work=[[The New York Times]]|author=Teltsch, Kathleen}} {{dead link| date=June 2010 | bot=DASHBot}}</ref>


In 1996, to commemorate the 100th anniversary of ''[[Plessy v. Ferguson]]'', {{ussc|163|537|1896}}, Fletcher endowed a University professorship at Harvard College.<ref name="5MGAtFLoBC" /><ref name="UPNfF" />
In 1996, to commemorate the 100th anniversary of ''[[Plessy v. Ferguson]]'', {{ussc|163|537|1896}}, Fletcher endowed a University professorship at Harvard College.<ref name="5MGAtFLoBC" /><ref name="UPNfF" />


In 2004, to commemorate the 50th anniversary of ''[[Brown v. Board of Education]]'', Fletcher created the Alphonse Fletcher Sr. Fellowship program to support individuals working to improve race relations.<ref name="5MGAtFLoBC">{{cite web|url=http://query.nytimes.com/gst/fullpage.html?res=9B00E7DA153FF93BA25756C0A9629C8B63|title=$50 Million Gift Aims to Further Legacy of Brown Case |accessdate=2008-09-12 |date=2004-05-18 |publisher=[[The New York Times Company]] |work=[[The New York Times]] |author=Rimer, Sara}}</ref><ref>{{cite web|url=http://findarticles.com/p/articles/mi_m1355/is_22_109/ai_n26699047 |title=Alphonse Fletcher announces 2006 Fletcher Fellows |accessdate=2008-09-12 |date=2006-06-05 |publisher=CNET Networks, Inc. |work=[[Jet (magazine)|Jet]]}}</ref>
In 2004, Fletcher created the Alphonse Fletcher University Professor Fellowship program to financially support professors working to improve race relations at Harvard.<ref name="5MGAtFLoBC">{{cite web|url=http://query.nytimes.com/gst/fullpage.html?res=9B00E7DA153FF93BA25756C0A9629C8B63|title=$50 Million Gift Aims to Further Legacy of Brown Case |accessdate=2008-09-12 |date=2004-05-18 |publisher=[[The New York Times Company]] |work=[[The New York Times]] |author=Rimer, Sara}}</ref><ref>{{cite web|url=http://findarticles.com/p/articles/mi_m1355/is_22_109/ai_n26699047 |title=Alphonse Fletcher announces 2006 Fletcher Fellows |accessdate=2008-09-12 |date=2006-06-05 |publisher=CNET Networks, Inc. |work=[[Jet (magazine)|Jet]]}}</ref> Funded as part of the [[Fletcher Foundation]], [[Henry Louis Gates, Jr.]] is the Alphonse Fletcher University Professor at Harvard.<ref>http://www.thecrimson.com/article/2006/10/24/gates-named-univ-professor-after-a/</ref><ref>http://www.bostonmagazine.com/2012/02/is-harvard-graduate-buddy-fletcher-financial-genius-or-fake/4/</ref>

==Personal life==
⚫
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]].<ref name=TMatCoaDatD>{{cite web|url=http://www.nytimes.com/2011/02/26/nyregion/26dakota.html|title= The Man at the Center of a Dispute at the Dakota|accessdate=2011-02-26|date=2011-02-26|publisher=[[The New York Times Company]]|work=[[The New York Times]]|author=Haughney, Christine and Peter Lattman}}</ref><ref name=Aspen>{{cite web|url=http://www.aspeninstitute.org/news/2007/06/14/aspen-institute-names-emerging-leaders-2007-henry-crown-fellows|title=Aspen Institute Names Emerging Leaders As 2007 Henry Crown Fellows|accessdate=2007-06-14|publisher=The Aspen Institute}}</ref> Fletcher has a daughter, Matilda Pao Fletcher.<ref>http://www.bostonmagazine.com/2012/02/is-harvard-graduate-buddy-fletcher-financial-genius-or-fake/5/</ref><ReF>http://finance.fortune.cnn.com/2012/10/25/pao-fletcher-lawsuits/</reF><ref name=TMatCoaDatD/>

⚫
Prior to his marriage to Pao, Fletcher was in a [[same-sex relationship]] with Hobart V. "Bo" Fowlkes Jr. for over 10 years.<ref>{{cite web|url=http://www.nytimes.com/2004/05/18/nyregion/50-million-gift-aims-to-further-legacy-of-brown-case.html?pagewanted=all&src=pm|title=$50 Million Gift Aims to Further Legacy of Brown Case|accessdate=2023-04-29|date=2004-05-18|publisher=[[The New York Times Company]]|work=[[The New York Times]]|author=Rimer, Sara}}</ref><ref>http://finance.fortune.cnn.com/2012/10/25/pao-fletcher-lawsuits/</ref><ref>http://www.vanityfair.com/society/2013/03/buddy-fletcher-ellen-pao</ref>

Fletcher and his wife have lived in the [[St. Regis Museum Tower|St. Regis Residence]] in [[San Francisco]].<ref>http://www.vanityfair.com/society/2013/03/buddy-fletcher-ellen-pao</ref><reF>http://sf.blockshopper.com/property/3722269/188_minna_unit_23e/</ref> Fletcher also owns homes in The Dakota in New York City.<ref>http://www.vanityfair.com/society/2013/03/buddy-fletcher-ellen-pao</ref><ref>http://graphics8.nytimes.com/packages/pdf/2Fletchervs.DakotaOpposingAffidavits.pdf</ref> He put his [[Cornwall, Connecticut]] home up for sale in August 2013.<ref>http://curbed.com/archives/2013/08/16/connecticuts-storybook-hidden-valley-castle-listed-for-885m.php</ref><ref>http://www.theday.com/article/20131215/NWS01/312159915/Waterford-success-story-Buddy-Fletcher-accused-of-fraud</ref>

Alphonse Fletcher's brother [[Geoffrey S. Fletcher]] is the first African American to win an [[Academy Award]] for [[screenwriting]].<ref name="5MGAtFLoBC" />


==Notes==
==Notes==

Revision as of 04:58, 26 February 2014

This article is about the fund manager. For the Florida mayor, see Buddy Fletcher (politician).
Buddy Fletcher
Born1965 (age 58–59)
Other namesBuddy
EducationA.B. in applied mathematics Harvard College, 1987
Master's degree in Environmental Management Yale School of Forestry and Environmental Studies, 2004
Occupation(s)Founder, Chairman, and CEO of Fletcher Asset Management
Founder of the Fletcher Foundation
Employer(s)Bear Stearns (1987–??)
Kidder Peabody (19??–91)
Fletcher Asset Management (1991–present)
Known forHedge fund management, Kidder Peabody discrimination lawsuit, Dakota discrimination lawsuit, Philanthropy
SpouseEllen K. Pao (2007–present)
RelativesTodd Fletcher and Geoffrey S. Fletcher (brothers)
Websitehttp://www.fletcher.com/alphonse.html

Alphonse "Buddy" Fletcher, Jr. (born 1965) is a hedge fund manager and founder of the Fletcher Foundation.

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.[1] 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.[2]

Early life and education

Fletcher was raised in Waterford, Connecticut.[3] His father Alphonse Sr. was a technician at the Electric Boat Corporation in Groton,[4] 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.[3][4] Fletcher has two younger brothers.

He attended Harvard College where he received an A.B. degree as an applied mathematics major in 1987.[5] He was elected first marshall (ceremonial position) of the 1987 class.[6] He earned a Master's degree in Environmental Management from the Yale School of Forestry and Environmental Studies in 2004.[7]

Career

After graduating from college in 1987, Fletcher began his career at Bear Stearns as a quantitative equity trader who capitalized on dividend-related arbitrage.[8] He was recruited to Kidder Peabody as a trader in the equity trading group.[5][6]

Fletcher Asset Management

After his tenure at Kidder Peabody, he founded Fletcher Asset Management.[5][6] Fletcher Asset Management makes private investments in small-capitalization public companies.

During Fletcher Asset Management's first four years, it traded with heavy leverage.[9] 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.[10] He has also been involved in PIPE deals.[11] His firm's trading activity at one time occasionally accounted for 5% of the volume on the New York Stock Exchange.[12] In 1994, Fletcher surrendered his broker-dealer registration and became a registered investment adviser, which made managing money more convenient.[8]

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.[13][14] In April 2012, the Grand Court of the Cayman Islands ruled that the fund was insolvent and ordered that it be wound up (liquidated).[15][16] In June 2012, Fletcher International Ltd., the Bermuda-based "master fund" for the Fletcher funds, filed for Chapter 11 bankruptcy in Manhattan.[17]

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.[18][19]

Fund bankruptcy

Fletcher's main fund, Fletcher International, filed for bankruptcy in 2012.[2] A February 2014 article in The New York Times describes Alphonse "Buddy" Fletcher, Jr. as being the operator of, basically, a Ponzi scheme.[2]

Litigation

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.[20] The New York Court of Appeals ruled that Fletcher's claim must be arbitrated.[21] In a NYSE arbitration, Fletcher was awarded $1.26 million, and in a subsequent arbitration, the racial discrimation claim was dismissed.[22][12]

Dakota lawsuit

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.[23] 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.[24][25]

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.[26]

In 1996, to commemorate the 100th anniversary of Plessy v. Ferguson, 163 U.S. 537 (1896), Fletcher endowed a University professorship at Harvard College.[3][5]

In 2004, Fletcher created the Alphonse Fletcher University Professor Fellowship program to financially support professors working to improve race relations at Harvard.[3][27] Funded as part of the Fletcher Foundation, Henry Louis Gates, Jr. is the Alphonse Fletcher University Professor at Harvard.[28][29]

Personal life

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.[24][30] Fletcher has a daughter, Matilda Pao Fletcher.[31][32][24]

Prior to his marriage to Pao, Fletcher was in a same-sex relationship with Hobart V. "Bo" Fowlkes Jr. for over 10 years.[33][34][35]

Fletcher and his wife have lived in the St. Regis Residence in San Francisco.[36][37] Fletcher also owns homes in The Dakota in New York City.[38][39] He put his Cornwall, Connecticut home up for sale in August 2013.[40][41]

Alphonse Fletcher's brother Geoffrey S. Fletcher is the first African American to win an Academy Award for screenwriting.[3]

Notes

  1. ^ Bradley, Richard (March 2012). "Is Harvard's Buddy Fletcher a Financial Genius- or a Fake?". Boston Magazine. Retrieved 26 April 2012.
  2. ^ a b c Pension Funds Sue on a Deal Gone Cold February 24, 2014 Deal B%k by Rachel Abrams New York Times
  3. ^ a b c d e Rimer, Sara (2004-05-18). "$50 Million Gift Aims to Further Legacy of Brown Case". The New York Times. The New York Times Company. Retrieved 2008-09-12.
  4. ^ a b Martin, Amy (2005-04-25). "Community philanthropist, Waterford native Buddy Fletcher May 5". Connecticut College. Retrieved 2008-09-14.
  5. ^ a b c d "University Professorship Named for Fletcher: Honors graduate of Harvard Class of 1987". Harvard University Gazette. President and Fellows of Harvard College. 1996-04-25. Archived from the original on September 3, 2006. Retrieved 2008-09-12. {{cite web}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)
  6. ^ a b c "Professorship Challenge Fund set into motion: Harvard donors aim to increase faculty resources across University". Harvard University Gazette. President and Fellows of Harvard College. 2006-02-16. Retrieved 2008-09-12.
  7. ^ Dipnarine, Danny, James Kocienski, and Apollo Marmarinos. "Alphonse Fletcher, Jr". Michael Hover. Retrieved 2008-09-12.{{cite web}}: CS1 maint: multiple names: authors list (link) [dead link]
  8. ^ a b "To Be Young, Gifted, and Sitting Pretty". BusinessWeek. The McGraw-Hill Companies Inc. 1994-10-24. Retrieved 2008-09-12.
  9. ^ Schwager, Jack D. (2003), Stock Market Wizards, Harper Collins
  10. ^ Heller, Zoe (1996-04-29). "The Buddy System". The New Yorker. CondéNet. Retrieved 2008-09-13.
  11. ^ Atlas, Riva D. (2004-06-05). "When Private Mixes With Public; A Financing Technique Grows More Popular and Also Raises Concerns". The New York Times. The New York Times Company. Retrieved 2008-09-16.
  12. ^ a b Birger, Jon. "40 Under 40 > 1998 > Alphonse Fletcher Jr". Crain's New York Business. Crain Communications. Retrieved 2008-09-12. Cite error: The named reference "4U41AFJ" was defined multiple times with different content (see the help page).
  13. ^ Lattman, Peter (12 July 2011). "SEC and Pension Systems to Examine Fletcher Fund". The New York Times. Retrieved 24 April 2012.
  14. ^ Barbanel, Josh (20 December 2011). "Louisiana Pension Sets Plan for Fletcher Fund Loss". The Wall Street Journal. Retrieved 24 April 2012.
  15. ^ Eder, Steve (19 April 2012). "Judge Orders Liquidation of a Fletcher Hedge Fund". The Wall Street Journal. Retrieved 24 April 2012.
  16. ^ Thompson, Richard (April 20, 2012). "Liquidation ordered for hedge fund that 3 local pension funds invested in". The Times-Picayune. Retrieved April 25, 2012.
  17. ^ Eder, Steve (4 July 2012). "Hedge Fund Files for Bankruptcy". The Wall Street Journal. Retrieved 8 July 2012.
  18. ^ Barbabnel, Josh (23 November 2013). "Bankruptcy Trustee Says Fletcher Investments Inflated Through Fraud". The Wall Street Journal. Retrieved 27 November 2013.
  19. ^ Davis, Richard (23 November 2013). "Trustee's Report and Disclosure Statement" (PDF). The Wall Street Journal. Retrieved 27 November 2013.
  20. ^ "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.
  21. ^ Brant, Martha and Jolie Solomon (1993-07-19). "Taking On The Great White Way: Wall Street: Will Recent Discrimination Suits Open The Door For Women And Minority Executives?". Newsweek. Newsweek, Inc. Retrieved 2008-09-12.
  22. ^ Bradley, Richard (February 2012). "Buddy Fletcher: Financial Genius — or a Fake?". Boston Magazine. Retrieved May 2, 2012.
  23. ^ Haughney, Christine and Peter Lattman (2011-02-28). "Dakota Co-op Board Is Accused of Bias". The New York Times.
  24. ^ a b c Haughney, Christine and Peter Lattman (2011-02-26). "The Man at the Center of a Dispute at the Dakota". The New York Times. The New York Times Company. Retrieved 2011-02-26.
  25. ^ Lattman, Peter Lattman (2011-02-02). "The Money Manager Who Is Suing the Dakota". The New York Times.
  26. ^ Teltsch, Kathleen (1993-09-26). "Gifts Help N.A.A.C.P. Focus on Economic Agenda". The New York Times. The New York Times Company. Retrieved 2008-09-12. [dead link]
  27. ^ "Alphonse Fletcher announces 2006 Fletcher Fellows". Jet. CNET Networks, Inc. 2006-06-05. Retrieved 2008-09-12.
  28. ^ http://www.thecrimson.com/article/2006/10/24/gates-named-univ-professor-after-a/
  29. ^ http://www.bostonmagazine.com/2012/02/is-harvard-graduate-buddy-fletcher-financial-genius-or-fake/4/
  30. ^ "Aspen Institute Names Emerging Leaders As 2007 Henry Crown Fellows". The Aspen Institute. Retrieved 2007-06-14.
  31. ^ http://www.bostonmagazine.com/2012/02/is-harvard-graduate-buddy-fletcher-financial-genius-or-fake/5/
  32. ^ http://finance.fortune.cnn.com/2012/10/25/pao-fletcher-lawsuits/
  33. ^ Rimer, Sara (2004-05-18). "$50 Million Gift Aims to Further Legacy of Brown Case". The New York Times. The New York Times Company. Retrieved 2023-04-29.
  34. ^ http://finance.fortune.cnn.com/2012/10/25/pao-fletcher-lawsuits/
  35. ^ http://www.vanityfair.com/society/2013/03/buddy-fletcher-ellen-pao
  36. ^ http://www.vanityfair.com/society/2013/03/buddy-fletcher-ellen-pao
  37. ^ http://sf.blockshopper.com/property/3722269/188_minna_unit_23e/
  38. ^ http://www.vanityfair.com/society/2013/03/buddy-fletcher-ellen-pao
  39. ^ http://graphics8.nytimes.com/packages/pdf/2Fletchervs.DakotaOpposingAffidavits.pdf
  40. ^ http://curbed.com/archives/2013/08/16/connecticuts-storybook-hidden-valley-castle-listed-for-885m.php
  41. ^ http://www.theday.com/article/20131215/NWS01/312159915/Waterford-success-story-Buddy-Fletcher-accused-of-fraud

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