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In Case You Missed It: Allens Ave Scrap Co. Hit with RICO Lawsuit

Saturday, November 30, 2013

 

"In Case You Missed It," GoLocal's weekend feature, puts the week's top stories in one easy place for you to review and read. Check out what dominated the news cycle this week in Rhode Island and get all the details with these easy links.

Providence Scrap Metal Company Hit with RICO Suit

Sims Metal Management, which operates the highly visible scrap metal recycling facility on Allens Avenue in Providence, has been sued in U.S. District Court on charges of corruption and "failure to lawfully compensate its scrap metal suppliers" by three Rhode Island businesses.

The RICO (Racketeer Influenced and Corrupt Organization) Act lawsuit against Sims' New England Division was filed by Innercity Recycling Service LLC, Innercity's President, Kenneth Serapiglia, K&R Auto Salvage, and Rhode Island Recycled Metals on September 25.

Read the story HERE.


Related Slideshow:
See How Much Providence Pays in Pension Fund Fees

Per investment information obtained by GoLocal, the following are the management fees paid by the City of Providence Employees Retirment System (as of April 2013 -- Graham Global funds were moved at the last city Investment commission meeting).  

Prev Next

Manager: Halpern Denny III

Manager Effective Fee: 0.0%

Asset Class: Private Equity

Assignment: Private Equity

Market Value: $188,318

% of Total Fund: 0.1%

 

Note: Fund is in liquidation.

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Manager: William Blair VII

Manager Effective Fee: 0.0%

Asset Class: Private Equity

Assignment: Private Equity

Market Value: $434,649

% of Total Fund: 0.2%

 

Note: No further management fee is charged in 2013 other than a $2000 charge anticipated from January 2013 to mid March 2013. Fund is in liquidation.

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Manager: SSgA Russell 2000 Growth

Manager Effective Fee: 0.08%

Asset Class: Equity Managers

Assignment: Small Growth (Index)

Market Value: $10,415,062

% of Total Fund: 3.9%

 

Note: Subject to $10,000 min annual fee.

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Manager: SSgA Russell 1000 Growth

Manager Effective Fee: 0.08%

Asset Class: Equity Managers

Assignment: Large Growth (Index)

Market Value: $6,811,160

% of Total Fund: 2.6%

Note: Subject to $10,000 min annual fee

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Manager: Vanguard MG ETF

Manager Effective Fee: 0.10%

Asset Class: Equity Managers

Assignment: Mid Growth

Market Value: $7,635,410

% of Total Fund: 2.9%

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Manager: Invesco Venture Fund III

Manager Effective Fee: 0.25%

Asset Class: Private Equity

Assignment: Venture Fund of Funds

Market Value: $1,627,627

% of Total Fund: 0.6%

Note: Fee reduced to 0.25% in Q4-2013.

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Manager: Columbia (Fleet)

Manager Effective Fee: 0.30%

Asset Class: Cash

Assignment: Large Value

Market Value: $397,606

% of Total Fund: 0.1%

Note: Subject to $15,000 min annual fee.

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Manager: Columbia (ValuePath)

Manager Effective Fee: 0.37%

Asset Class: Equity Managers

Assignment: Large Value

Market Value: $20,453,356

% of Total Fund: 7.7%

Note: Columbia (Value Path): 0.40% on first $10m/0.35% on next $15m/0.30% on next $75m/0.25% on remainder.

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Manager: Mellon (Prov Group)

Manager Effective Fee: 0.50%

Asset Class: Equity Managers

Assignment: Large Growth

Market Value: $6,641,213

% of Total Fund: 2.5%

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Manager: Renaissance Installation Equity Fund

Manager Effective Fee: 0.50%

Asset Class: Hedge Funds

Assignment: Long/Short Equity

Market Value: $34,779,679

% of Total Fund: 13.0%

Note: Additional performance fee of 10%.

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Manager: Q-BLK (Quellos) Strategic

Manager Effective Fee: 0.50% Min

Asset Class: Hedge Funds

Assignment: Fund of Funds

Market Value: $11,120,033

% of Total Fund: 4.2%

Note: The quarterly advisory fee paid to the Investment Manager is 0.1250% (0.50% per annum) of the Fund’s net assets on a quarterly basis when the Fund’s quarterly return is equal to or less than the return on the 90-day US Treasury bills plus 1.25%. The advisory fee will ratably increase, depending on the Fund’s performance, up to a maximum of 0.6250% per quarter (2.50% per annum).

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Manager: Rogge Global Partners

Manager Effective Fee: 0.65%

Asset Class: Fixed Income

Assignment: Foreign Bonds

Market Value: $14,033,078

% of Total Fund: 5.3%

 

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Manager: Boston Partners MV

Manager Effective Fee: 0.70%

Asset Class: Equity Managers

Assignment: Mid Value

Market Value: $24,556,046

% of Total Fund: 9.2%

Note: Boston Partners-MV: 0.70% on first $25m/0.60% on remainder.

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Manager: Brandes

Manager Effective Fee: 0.74%

Asset Class: Equity Managers

Assignment: Foreign Equity

Market Value: $39,824,387

% of Total Fund: 14.9%

Note: Brandes Partners: 0.95% on first $10m/0.80% on next $10m/0.60% on next $30m/0.50% on remainder.

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Manager: Boston Partners SV

Manager Effective Fee: 0.99%

Asset Class: Equity Managers

Assignment: Small Value

Market Value: $25,886,408

% of Total Fund: 9.7%

Note: Boston Partners-SV: 1% on first $25m/0.80% on remainder.

Prev Next

Manager: Point Judith II

Manager Effective Fee: 1.50%

Asset Class: Private Equity

Assignment: Private Equity

Market Value: $1,174,791

% of Total Fund: 0.4%

Note: Management fee is charged on committed capital and is equal to 2.5% during the first six years of the fund; 1.5% for the next two years and 1.0% thereafter. Point Judith also charges a performance fee of 20%.

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Manager: Graham Global II*

Manager Effective Fee: 3.0%

Asset Class: Hedge Funds

Assignment: Global Macro

Market Value: $5,426,857

% of Total Fund: 2.0%

Note: Additional performance fee of 25%

 

 

 

 
 

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