Opalesque Industry Update - New York hedge fund manager Roy Niederhoffer, President and founder of R. G. Niederhoffer Capital Management, has taken initiative to revive New York City Opera, which was inaugurated by New York Mayor LaGuardia in 1943 as “the People’s Opera” and went on to become a jewel of New York City’s cultural life and one of the most important and innovative opera houses in the world before going into bankruptcy in October 2013. Mr. Niederhoffer, a Magna cum Laude graduate of Harvard, a pioneer in multi-asset-class quantitative trading whose firm has specialized in providing positive-carry protective strategies for equity and other portfolios, is noted for his philanthropic efforts in the arts and education as Chairman of the Board of the Harmony Program, which provides intensive music education and instruments to under-served NYC kids. Niederhoffer also played a key role in relief efforts for the victims of Hurricane Sandy. He now serves as Chairman of the Board of NYCO Renaissance Ltd., a new, independent 501(c)3 tax-exempt organization which signed an Asset Purchase Agreement with the former New York City Opera Board on December 6, 2014 to purchase the New York City Opera name and related intellectual property, subject to Bankruptcy Court approval. With these assets, NYCO Renaissance, Ltd. intends to bring about the rebirth of New York City Opera under new leadership and return the company to its original and prestigious home in Lincoln Center. Mr. Niederhoffer has personally pledged more than $1 million to the effort, and has helped to raise over $2.5 million so far. Top financial executive and former city Opera Board member Jeffrey Laikind serves as President of the Board, and distinguished opera impresario Michael Capasso serves as General Director. NYCO Renaissance’s opening performance on Monday, March 9, 2015 at the Rose Theater at Jazz at Lincoln Center, at Time Warner Center, will feature Plácido Domingo, Sting, and a star lineup of opera singers with the New York City Opera Orchestra. |
Industry Updates
Roy Niederhoffer leads initiative to revive New York City Opera
Friday, December 19, 2014
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