BOSTON (Reuters) – Some investment firms, including those that run hedge funds or manage money for wealthy investors, are among the businesses approved for emergency U.S. government loans to help small businesses pay employees during the coronavirus lockdown, according to data made public on Monday.
They included Semper Capital Management LP, which bets more than $2 billion on mortgage and other asset-backed securities; Domini Impact Investments LLC, a mutual fund manager with about $2 billion under management; Brevet Holdings LLC, a $1.2 billion lending firm; and Truvvo Wealth Management LP, which manages more than $2 billion for large families and institutions.
Emails to the firms seeking comment were not immediately returned. The data does not track which loans were disbursed, paid back, or if they will qualify for forgiveness.
All told, the U.S. Small Business Administration said in a report on Monday that finance and insurance firms represented $12.2 billion across 168,462 loans, about 2.3% of the program’s total lending as of June 30. The figures for investment firms alone were not immediately available.
Many investment and wealth management firms are relatively small, and staff pay varies widely, often far from the stereotype of the billionaire jet-set financier. Unlike restaurants and hotels, many financial businesses remained open during the coronavirus-related lockdowns and shifted relatively smoothly to remote work.
News Source: Reuters
