Princeton Newport Partners
- Princeton Newport Partners
Princeton/Newport Partners was an early alternative investment management company founded by pioneering mathematical financier Edward O. Thorp in late 1974. The company was developed by assuming the instruments of an earlier venture, Convertible Hedge Associates. The CHA-PNP venture is said to have achieved annualized returns of 15.1 percent after fees until becoming embroiled in the junk bond schemes of Michael Milken's circle at Drexel Burnham Lambert. Thorp and other principles at P/NP were eventually cleared of wrongdoing, but the financial burdens imposed by the ensuing RICO investigation forced P/NP to liquidate. Thorp and his circle later regrouped as Edward O. Thorp & Associates.
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