Arthur J. Samberg

Arthur J. Samberg (February 6, 1941 – July 14, 2020) was an American businessman. He founded Pequot Capital Management and served as the chief executive officer, president and chairman of the company.[1] Samberg's flagship Pequot fund, started in 1986, returned 17.8% (net) over the life of the fund. After the fund closed, he managed his family office through Hawkes Financial LLC.

Arthur J. Samberg
Born(1941-02-06)February 6, 1941
The Bronx, New York City, U.S.
DiedJuly 14, 2020(2020-07-14) (aged 79)
NationalityAmerican
Alma mater
OccupationBusinessman
Known forCEO, president and chairman of Pequot Capital Management
Spouse(s)Rebecca Samberg
ChildrenLaura Samberg Faino

Early life and education

Samberg was born on February 6, 1941, to Rena and Philip Samberg,[2] an electrician. He grew up in the Bronx, four blocks from the Yankee Stadium.[3] He studied Aeronautics and Astronautics at the Massachusetts Institute of Technology.[4] Samberg earned his M.S. from Stanford University and M.B.A. from Columbia University.[5]

Career

He started working as an engineer in the aeronautics industry before working in finance.[6] Specifically, during the early to mid-1960s, Arthur Samberg worked as an Aerospace Engineer at the Lockheed Missile and Space Company in the San Francisco Bay Area. He primarily focused on developing guidance and control technologies for the Agena missile system.[7]

Samberg began his career in the investment industry as a Security Analyst at Kidder Peabody & Co. in New York City. Subsequently, as the first professional hire at the start-up company Weiss, Peck & Greer, he served as a Security Analyst. He later assumed a Partner role, and he additionally served on the Management Committee during his last five years with the firm. During his 15-year tenure at Weiss, Peck & Greer, the investment management company grew to $8 billion.[8] Between 1985 and 1999, as founder and President of Dawson-Samberg Capital Management, Inc., in Southport, Connecticut, Samberg established the first Pequot hedge fund.[3] In 1999, he spun out his funds into the newly formed Pequot Capital Management.[9] In 2001 Pequot was reported to be the largest hedge fund globally with $15 billion in assets.[10] As of 2008, the firm managed approximately $5 billion in assets and had over 150 employees worldwide, with offices in Connecticut, New York, California, and London.[9] In 2009, Samberg decided to shut down Pequot Capital[11] and managed his family office through Hawkes Financial, LLC.[8]

He was a Life Member of the MIT Corporation and a Member of MIT Executive Committee. For five years he served as Chairman of the MIT Investment Management Company and sat on the Board of Advisors of the MIT Energy Initiative.[4]

In 2004, the SEC began an investigation of Pequot's trading in the securities of several companies, including trades by funds for which Samberg was the portfolio manager.[10] The U.S. Attorney's Office for the Southern District of New York also conducted a related investigation. One of the areas of focus of the investigations was Samberg's hiring of David Zilkha, who previously had been employed by Microsoft Corporation, and Samberg's subsequent trading in Microsoft securities in 2001.[12] In late 2006, both these investigations were closed without filing any charges or taking other action.[13]

In late December 2008, the SEC again investigated Samberg's trading in the securities of Microsoft in 2001.[14] In May 2010, Pequot and Samberg resolved this matter without the need for further litigation by agreeing to a settlement whereby, without admitting or denying the allegations, Pequot and Samberg consented to be permanently enjoined from violating the antifraud provisions of the federal securities law and to pay disgorgement, prejudgment interest, and civil money penalties. Pequot and Samberg also consented, without admitting or denying the allegations, to the subsequent filing of administrative proceedings.[15]

Philanthropy

In 2006, alongside fellow alumni Russell L. Carson and Henry R. Kravis, he donated a total of $45 million to Columbia Business School; out of the total contribution, $25 million was solely donated by Samberg.[16] In 2012, Samberg and his wife, Rebecca, gave $25 million to New York-Presbyterian/Morgan Stanley Children's Hospital. The donation made possible the Samberg Scholars in Children's Health Program, an initiative to recruit and train as many as 40 top scholars in pediatric medicine.[17]

Personal life

Samberg was married to Rebecca Samberg. Their daughter, Laura Samberg Faino, is a director of the Samberg Family Foundation, a charitable trust founded to support Jewish education, health and housing in the New York area.[18]

Samberg died on July 14, 2020, at the age of 79.[2]

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References
  1. "Glory days". Institutional Investor. February 15, 2006. Retrieved July 17, 2020.
  2. "Arthur Samberg (1941–2020)". The New York Times. July 16, 2020. Retrieved July 18, 2020 – via Legacy.com.
  3. "Art Samberg, Owner – Hawkes Financial". OneWire. YouTube. Retrieved June 6, 2020.
  4. Samantha Hodge (December 19, 2015). "Executive Profile Arthur J. Samberg". Bloomberg Businessweek. Retrieved June 7, 2020.
  5. "Arthur J. Samberg '67". Columbia Business School. Columbia University. Archived from the original on July 17, 2020. Retrieved July 17, 2020.
  6. Institutional Investor "Glory Days" February 15, 2006
  7. "Technology Review" (PDF). Massachusetts Institute of Technology. December 1962. Retrieved June 6, 2020.
  8. Jade (February 5, 2018). "Art Samberg, Owner – Hawkes Financial". Trading Insider. Retrieved June 6, 2020.
  9. "Pequot Capital". Crunchbase. Retrieved June 6, 2020.
  10. Morgenson, Gretchen (May 27, 2010). "Pequot Capital and Its Chief Agree to Settle S.E.C. Suit for $28 Million". The New York Times. Retrieved December 21, 2018.
  11. "Hedge fund firm Pequot shuts down". CNN Money. May 27, 2009. Retrieved June 6, 2020.
  12. SEC Docket. U.S. Securities and Exchange Commission. 2011. Retrieved June 7, 2020.
  13. "Today in Business | S.E.C. Ends Pequot Inquiry". The New York Times. December 2, 2006. Retrieved June 7, 2020.
  14. "Hedge Fund's Puzzling Payments to Former S.E.C. Target". CNBC.com. December 10, 2008. Retrieved June 7, 2020.
  15. "Pequot Capital Management, Inc., et al". U.S. Securities and Exchange Commission. July 23, 2010. Retrieved June 7, 2020.
  16. "Three Alumni Pledge a Total of $45 for Curriculum, Faculty Development | Newsroom". Columbia Business School. May 11, 2006. Retrieved June 7, 2020.
  17. Di Mento, Maria (February 9, 2014). "No. 40: Arthur and Rebecca Samberg". The Chronicle of Philanthropy. Retrieved June 7, 2020.
  18. "Wedding Celebrations; Laura Samberg, Laura Lamberg". The New York Times. September 22, 2002. Laura Jane Samberg, the daughter of Rebecca and Arthur Samberg of Ossining, N.Y., was married at her parents' house last evening to Michael Scott Faino, a son of Natalie Faino of North Reading, Mass., and John Faino of Mesa, Ariz. Rabbi Joel Braude officiated.
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