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Founder's fees

Alesco Financial Inc., a firm that invests in real estate securities, paid its outside managers Cohen & Co. more than $48 million in management and investment transaction fees in 2006, according to a filing with the Securities & Exchange Commission. The firm was founded by Cohen & Co. last year. It's not uncommon for specialty real estate trusts such as Alesco to operate under this sort of arrangement. Both Alesco and Cohen are based in Philadelphia. -- Jonathan Berr

Posted by phillyinc on April 30, 2007 1:20 PM |

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