The firms legal counsel, Wigdor LLP, sent a cease and desist letter on Friday, July 3 to New Jerseys counsel. Connect He is a named defendant in the case, leads the investment operation and was intimately involved in the delaying of Blueprint's information requests. Blueprint Capital Advisors, based in Newark, filed a federal lawsuit Tuesday against the state and six current and former state officials alleging racial discrimination, retaliation and the. Blueprints FAIR program structures alternative investments through managed accounts or fund-of-one structures, the lawsuit said. For non-personal use or to order multiple copies, please contact New York, NY 10010. According to the lawsuit, Blueprint had turned over to the state agency and its outside consultant Cliffwater confidential business information from meetings, emails and conference calls as part of an investment proposal. A Black-owned investment firm sued New Jersey for racial bias on Tuesday, saying officials told it that the states pension was averse to hiring money-management firms owned by minorities. Sadly, the treatment of Blueprint is indicative of how things really go down when no one is looking, said Walthour, the companys co-founder. Designed and Managed by Loebig Ink. 24/7 unlimited online access to subscription content on the EMM site. Get Started It manages $1.04 billion of regulatory assets for 3 client accounts. BlackRock, Inc. BLK and New Jersey's Division of Investment ("DOI") have been sued by Blueprint Capital Advisors for stealing confidential business information and discriminating against the. According to the legal complaint filed on June 23, New Jersey initially promised to invest $500 million with Blueprint for its FAIR program. Continue reading your article witha WSJ subscription, Already a member? The company has been scrutinized over fake reviews and criticized by customers who had trouble getting refunds. Required fields are marked *. Primary Business Name: BLUEPRINT CAPITAL ADVISORS LLC CRD Number: 282327 Other-Than-Annual Amendment - All Sections Rev. The dispute began in 2015, under Gov. We recognize the systemic challenges facing minority-owned firms in our industry and are committed to promoting positive change, McCombe said. The Department maintains that there is no factual basis for Blueprints allegations and the claims of racial discrimination, retaliation and misappropriation of proprietary information are without merit., BlackRock also strongly denied the charges and said that a review of the allegations from within the asset manager and from outside counsel foundnothing inconsistent with our standards nor anything suggesting any wrongdoing by BlackRock.. "The Division of Law, Treasury and Investments should come forward with the requested documents. When Blueprint protested, New Jersey officials allegedly told the company that the State wasnt a fan of doing business with Black-owned or women-owned companies. Blueprint was founded in 2015 by Black investment professionals Jacob Walthour and Carrie Pickett. from 8 AM - 9 PM ET. But slowing profits in other sectors and rising interest rates are warning signs. We specialize in servicing institutional investors and wealthy families through discretionary and investment advisory services. BlackRock, one of the worlds largest money management firms, was ultimately chosen to implement a version of the investment strategy for New Jersey using the same program name -- FAIR, short for Fund Alignment and Incentive Reform. Blueprint Capital Advisors LLC is an independent, privately held alternative investment firm focused sourcing and managing fund and direct investments in private credit and other alternative . Blueprint Capital Advisors LLC, Newark, New Jersey. Blueprint was later hired to manage some of the states investments, though the lawsuit said the terms were punitive and retaliatory compared to the deals other money managers were offered and the firm made far less than it was originally expecting. https://www.wsj.com/articles/black-owned-investment-firm-sues-new-jersey-for-racial-bias-11592957026. Our journalism needs your support. We are the number one source of financing for in-fill, residential projects due to our unrivaled combination of reliability and value-added service. The Secure Act 2.0 will help a lot. Blueprint Capital Advisors LLC is a large advisory firm based in New York. Interested in selling your land? It has been registered with the SEC as an adviser since 2016 and has operated in the jurisdiction of New York. The NAACP, National Urban League, New Jersey National Action Network and Chair of the New Jersey Legislative Black Caucus have called on Murphy to investigate the matter. Blueprint currently sponsors two real estate investment trusts: Blueprint Capital Income REIT, Inc. which encompasses our lending business; and Blueprint Capital REIT, Inc. which develops our rental real estate projects.Blueprint Capital Income REIT focuses on providing stockholders with current income in the form of quarterly dividends whereas Blueprint Capital REIT seeks to provide stockholders with long-term capital appreciation through development projects. More Local News to Love Start today for 50% off Expires 3/6/23, Kelly Heyboer | NJ Advance Media for NJ.com, racial discrimination, retaliation and the theft, McDonough, who stepped down from his state post in 2018. Cision Distribution 888-776-0942 The lawsuit also said that DOI, which oversees the state pension fund, and its consultant, Cliffwater, handed over confidential information that Blueprint had given them about its proposal to BlackRock. Now, Blueprint received information from a credible source regarding what appears to be attempts to tortiously interfere with Blueprints business dealings, allegedly calling the firms clients with the intent of getting them to terminate or reduce their relationship with Blueprint. State Sen. Ron Rice, D-Essex, called on the Murphy Administration to launch a formal investigation of Blueprints claims of racial discrimination. Practus offers thoughtful legal counsel across a range of industries and disciplines. If you purchase a product or register for an account through one of the links on our site, we may receive compensation. After months of due diligence, Blueprint learned that BlackRock had received Blueprints materials and would co-opt its FAIR program. Nor have we found any evidence that BlackRock improperly received any materials or other information regarding Blueprints plans or proposal as alleged, Mark McCombe, senior managing director and chief client officer at the firm, said in the statement. Email . There is an entrenched good old boys network in Trenton and the DOI that has never worked to the benefit of minorities or women.. U.S. District Judge Julien Xavier Neals ruled BlackRock, the world's largest asset manager with just under $8 trillion in total assets, and BlueOwl, with about $65.7 billion in . Scroll . The investment firm is also suing Wall Street giant BlackRock, a money management firm that the state ultimately hired, and Cliffwater, a consulting firm that advised the state on the deal. NEWARK, N.J., May 11, 2021 /PRNewswire/ --Blueprint Capital Advisors, LLC, secured a crucial ruling in the Superior Court of New Jersey in Mercer County last week in its public records lawsuit against Governor Phil Murphy's administration when Superior Court Judge Mary Jacobson ordered the administration to produce documents no later than May 7, 2021. African American-owned hedge fund-of-funds Blueprint Capital Advisors is claiming that documents turned over by the New Jersey State Treasury and Division of Investment were "so heavily redacted, they could not be read," as the firm's lawsuit against the state for racial bias and alleged stealing of proprietary information continues. The state pension fund staff did not disclose the fund's ownership by DeVos which could be found in public records on the internet. The Newark firm said in court documents Tuesday that New Jerseys pension office usurped its ideas and hired money-management giant BlackRock Inc. to run Blueprints strategy. Blueprint Capital Advisors is one of the few U.S. investment firms founded by African-Americans. Blueprint is represented by Tanvir H. Rahman, Lawrence M. Pearson, Renan F. Varghese and Taylor J. Crabill of Wigdor LLP. In an unexpected twist today, Division of Investment Director Corey Amon resigned. Blueprint is aiming to get unredacted documents by taking Murphy back to court. Rising costs and a shortage of workers are pushing the Southwest-style restaurant chain to do more with less. 2C:41-2(c), Count Twelve: Racketeering in Violation of N.J.S.A. Emerging manager reports including quarterly performance and annual manager-of-manager supplement. Blueprint alleged that state agency officials had said the agency would accept Blueprint's proposal, but did a similar deal with BlackRock instead. Blueprint Capital Advisors (Blueprint) is New Jerseys only Black asset manager firm. Thank you! According to Blueprint, the firm was told that the State Investment Council was not a fan of investing with women and minority-owned firms.. Nor have we found any evidence that BlackRock improperly received any materials or other information regarding Blueprints plans or proposal as alleged, said Mark McCombe, BlackRocks chief client officer. Blueprints lawsuit comes as nationwide protests over the killing of George Floyd by police in Minneapolis had put a spotlight on racial disparities in several industries, including Wall Street investment firms. The 55-page original complaint was filed back on June 23, 2020. Attorney Lawrence M. Pearson of Wigdor LLP, wrote in the Cease and Desist letter: It has come to our attention that senior officials with New Jerseys Division of Investment (the DOI), including DOI Director Corey Amon, have been contacting Blueprints other investors for the purpose of tortiously interfering with the Companys business relationships. The letter was penned by well-respected litigator, Michael Bowe, partner of Brown Rudnick and Blueprint's legal counsel. 2021 Capital Advisors Group Terms of UseDisclosures, Stefan Spazek, EVP - Director of Debt Placement, Capital Advisors Group Insured Liquidity Account. The department maintains that there is no factual basis for Blueprints allegations and the claims of racial discrimination, retaliation and misappropriation of proprietary information are without merit, the statement said. We will defend this matter vigorously and believe that the claims against Cliffwater have no merit, the company said. NEWARK, NJ Less than three weeks after the State of New Jersey was named in a federal racial discrimination, retaliation and fraud lawsuit, information has once again been received regarding retaliation by the State of New Jersey against Blueprint Capital Advisors. in any form other than as permitted by agreement with FIN is prohibited and may constitute copyright Located at the entrance to the Ro de la Plata estuary, the widest in the world, it has a privileged geopolitical situation among the rest of the country's cities.