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Bank of America announced on Monday, July 27th that it was boosting the firm’s current environmental business initiative from $50 billion to $125 billion to support low-carbon businesses by 2025 through lending, investing, raising funds, advisory services and developing financing solutions for clients across the globe.
The 150% increase in BOA’s environmental business initiative commitment will be highlighted at the White House’s American Business Act on Climate Pledge event, designed to publicize corporations who are taking positive steps to address climate change. The upcoming event unites businessmen from various industries as they pledge support for a climate agreement ahead of the global warming / climate change talks to be held in Paris later this year.
BOA’s initiative is focused on the energy efficiency, renewable energy and transportation sectors, and encompasses businesses involved in projects relating to water conservation, land use and waste. This new commitment is in addition to the firm’s initial environmental business initiative launched in 2007 and completed four years early in 2013.
Of note, Bank of America has worked with firms to arrange $39 billion in financing for low-carbon activities since 2007, with a notable $12 billion provided in 2014.
Statement from Bank Of America
“We are putting our financial capital, our intellectual capital, and the strength of our partnerships to work to help create a better future for all of us,” noted BOA CEO Brian Moynihan.
“We will continue to work with partners around the globe to develop innovative and scalable solutions that attract new investors and additional capital to clean energy and low-carbon infrastructure opportunities,” said Purna Saggurti, Bank of America Merrill Lynch chairman of Global Corporate and Investment Banking.
Statement from the chairman of the Bloomberg New Energy Finance Advisory Board
“Since making its original environmental business commitment in 2007, Bank of America has consistently been among the leaders in every branch of clean energy finance we track,” Michael Liebreich, founder and chairman of the Advisory Board, Bloomberg New Energy Finance, commented. “This new commitment means Bank of America is again setting the pace. To be considered a leading provider of financial services, in anything from energy to real estate, it’s crucial to be focused on funding low-carbon solutions, and Bank of America’s new commitment is a very significant statement.”