In 2009, when he was 44 years old, Forbes named him one of the richest African Americans in the country with an estimated personal net worth of $150 million, even though he may be worth more than that, given his other business interests.įletcher had been generous with his wealth. He ran his business successfully for several years. In 1994, he dropped his broker-dealer registration and became a registered investment adviser when he realized that managing money was more convenient. One time, his firm accounted for 5% of the trading volume on the NYSE.
Fletcher’s strategy included trading public securities for his own account, and he made longer-term equity investments. He traded heavily using leverage during the first four years of the hedge fund. His firm invested mostly in small-cap public companies. Shortly after working for Kidder Peabody, he founded his own hedge fund, Fletcher Asset Management. Since then, he had been involved in various litigations focused on a disagreement with the board of the Dakota apartment building in NYC. where he sued them for racial discrimination.Īlthough the court dismissed his claims, he won an arbitration award of $1.26 million in time. He received a Master’s degree in Environmental Management from the Yale School of Forestry and Environmental Studies in 2004.Īfter graduating from Harvard College in ’87, he began his career as a quantitative equity trader at Bear Stearns. He was elected as the first Marshal of the ’87 class. He graduated from Harvard College with an A.B. His father came to the north from Louisiana after being enlisted in the Navy, working as a technician at the General Dynamics submarine plant in Groton.
He was born on the 19 th of December, 1965 and was raised in Waterford, Connecticut. is an African-American former hedge fund manager and founder of the Fletcher Foundation.Īlphonse Fletcher Jr’s early life and trading career
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