We need more capital to make investments for the future and that is part of what this reimagined is about? This is why you are forcing out partners and reducing the size of the firm? What are you doing with the 1.7 billion we have in Lp capital ? How’s that being utilized to make investments? We have no debt this is just not adding up.
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To some extent, the firm is required to have a specific amount of cash on hand in order to serve as a non-bank custodian of retirement accounts based on the total value of retirement accounts in our custody, determined by the monthly market value of the various types of assets held in those accounts to determine SIPC capital coverage requirements.
It’s a pain in the a-s computation that takes place each month (at least it used to). I know this, because I used to run it each month. It’s easy to believe that the cash on hand is used for MP/GP income, but it largely sits and does nothing so that the firm can continue operating within the regulatory environment.
So if Penny gets a larger and larger bonus while destroying the firm, then she can expect a very large bonus for attempting to address where she fell short (accountable). You might guess where a large part of the billion & change might go…. 🫣
There will be new LP offerings approximately every two years vs the current four going forward.
@c0 The next LP offering is rumored to be sometime in 2027.
Word is there will be another limited partnership offering after this