Latest news with #Stedman
Yahoo
30-05-2025
- Business
- Yahoo
APFC Board Examines Asset Allocation, Approves Targeted Portfolio Adjustments
SITKA, Alaska, May 30, 2025--(BUSINESS WIRE)--The Board of Trustees of the Alaska Permanent Fund Corporation (APFC) held its quarterly meeting and the Ethics, Audit, & Cybersecurity Committee meeting in Sitka and via webinar on May 28 and 29. During the Board meeting, the Trustees reviewed the Fund's asset allocation study, approved the FY26 operating budget alongside Board Resolution 25-01, and advanced strategic shifts within the Real Estate portfolio, as well as the Public Equities and Fixed Income portfolios. The APFC Board conducts one meeting a year in a rural or remote area to broaden public engagement and increase awareness of the Permanent Fund. The Board appreciated Senator Stedman's and Representative Himschoot's participation, reflecting the importance of legislative partnership in advancing stakeholder accountability and support for the proposed single-fund endowment constitutional amendment. "We thank the community of Sitka for their hospitality, the local legislative delegation for their attendance, and the opportunity to present to the Sitka Assembly. By holding meetings in communities throughout our great state, we reaffirm our responsibility to be accountable and accessible stewards of Alaska's greatest financial resource," said Chair Jason Brune. Performance The Permanent Fund's total value was $80.8 billion at the quarter's close, reflecting steady growth amid ongoing market complexity. As of March 31, 2025, the Fund returned 4.55% for the fiscal year, outperforming its performance benchmark by 29 basis points (bps), matching the passive benchmark, and trailing the Return Objective of 5.50%. Over the 5-year period, the Total Fund's performance delivered strong relative results at 10.49%. The Fund outperformed its three benchmarks: the passive index of 9.71%, the performance benchmark of 9.93%, and the Real Return Objective of 9.38%. "Our focus has always been on building a resilient portfolio that performs over time, not chasing short-term trends or looking backwards with the benefit of hindsight," said Chief Investment Officer Marcus Frampton. "We are committed to a disciplined, forward-looking strategy designed to meet the needs of Alaskans." APFC's Investment Consultant, Callan, reviewed the Fund's performance, offering insights into current market conditions, benchmark comparisons, and broader macroeconomic trends, noting that trailing quarter performance places the total Fund above median relative to large public funds and the large endowments/foundations peer group. Investment Advisory Group The Board values the Investment Advisory Group's (IAG) guidance, expertise, and its important role in supporting the Fund's long-term stewardship. The Board voted to appoint Janet Becker-Wold, CFA, to the IAG and appreciates the interest of all the candidates in response to the competitive state procurement. Britt Harris concluded his IAG service in May 2025, expressing appreciation and gratitude. Chair Brune noted, "We are very grateful to Britt Harris for his service and contributions to the Board. And, we are excited to welcome Janet Becker-Wold to the IAG, whose expertise will support the Board's oversight and strengthen our commitment to informed, disciplined governance." Risk & Compliance Chief Risk & Compliance Officer Sebastian Vadakumcherry delivered a comprehensive Risk & Compliance overview. The report affirmed the Fund remains well within its approved risk tolerances, with key indicators showing healthy margins relative to established thresholds. The presentation also included an analysis of asset class contributions to risk, geographic and currency exposures, and compliance monitoring activity. Private Income: Asset Class Overview Ross Alexander, Senior Portfolio Manager, and Terek Rutherford, Associate, provided an update on APFC's Private Income portfolio, covering recent activity, performance, and thematic trends across Infrastructure and Private Credit. In line with the asset class's strategic direction, APFC continues to increase co-investment activity to capture higher returns and reduce fee burdens. Since its inception, the portfolio has generated more than $5.4 billion, underscoring its role in delivering stable, enduring value. Real Estate: Asset Class Strategic Updates Allen Waldrop, APFC Deputy CIO of Private Markets, and Eric Ritchie, Senior Portfolio Manager, who now leads the Real Estate portfolio, provided an update on the asset class, highlighting its role in the Fund, drivers of recent performance, and strategic shifts to enhance long-term performance and resilience. Annual Asset Allocation Review In considering the portfolio's asset allocation, the Board and staff affirmed APFC's mandate to manage the portfolio for a maximum risk-adjusted return, while acknowledging the state of Alaska's dependence on an annual 5% market draw from the Fund's earnings under the current two-account structure. After thoughtful review and discussion, the APFC Board of Trustees unanimously elected to maintain the existing asset allocation targets for the portfolio, citing continued uncertainty and volatility in global markets. Vice Chair Adam Crum and Trustees Ethan Schutt and Craig Richards were appointed to a working group to further explore a multi-year approach to asset allocation, recognizing the importance of purposeful planning in light of an evolving market environment. The following asset allocation targets for FY26 were adopted by the Board of Trustees effective July 1, 2025: • Public Equities 32% (no change) • Fixed Income 20% (no change) • Private Equity 18% (no change) • Real Estate 11% (no change) • Private Income 10% (no change) • Absolute Return 7% (no change) • Tactical Opportunities 1% (no change) • Cash 1% (no change) • TOTAL: 100% While the Board is responsible for setting asset allocation, APFC staff are tasked with executing the Investment Policy to optimize risk-adjusted returns within established guidelines and make specific investments. The policy allows staff to respond to market conditions dynamically through allocation bands. "The Board's direction to maintain the current asset allocation targets into FY26 continues to provide a strong strategic foundation for the Fund," said Frampton. "We are focused on executing with discipline and precision to meet our long-term return goals, and we believe the Fund is well-positioned to navigate a complex market environment." Alongside the asset allocation discussion, the Board voted to affirm a staff proposal for a phased reduction in Tracking Error (TE) limits for both the Public Equities and Fixed Income asset classes – aiming to reduce high levels of volatility while maintaining flexibility to outperform. The plan reduces TE limits for the portfolios as follows: Public Equities: 350 to 200 bps (by Dec. 31, 2025) and then to 100 bps (by Dec. 31, 2026). Fixed Income: 250 to 150 bps (by Dec. 31, 2025) and then to 75 bps (by Dec. 31, 2026). Additionally, the Board unanimously approved staff recommendations to expand the Real Estate asset class benchmark to 'Expanded NPI,' remove REITs from the benchmark, and adopt a 10% limit to REITs in the portfolio. The Board also directed that staff work to reduce exposure to direct real estate holdings by 50% over the next 5 years. Updates will be effective as of July 1, 2025, and will be reflected in the Investment Policy. Budget Review and Approval The Board unanimously approved the FY26 proposed budget in alignment with its strategic plan initiatives and previously established guidance. Trustees reaffirmed the importance of annual rules-based statutory inflation-proofing of the Permanent Fund's Principal and their position that the $4 billion special appropriation in FY22 to the Principal cannot be retroactively labeled as such. The Board encouraged the Legislature to honor its commitment to annual inflation-proofing under the two-account structure, emphasizing the importance of consistent rules-based discipline for intergenerational equity. Trustees look forward to working further with the Legislature on this issue. Ethics, Audit, & Cybersecurity Committee The Ethics, Audit & Cybersecurity Committee reviewed the FY25 Audit Plan with KPMG and considered the internal operational risk assessment, reaffirming APFC's commitment to governance transparency, robust financial oversight, and strong internal controls. Chief Financial Officer Valerie Mertz and Senior Portfolio Accountant Jacki Mallinger presented the fiscal year-to-date financial performance updates, and Chief Risk & Compliance Officer Sebastian Vadakumcherry provided a detailed Internal Controls Review. The Committee also held an executive session for a cybersecurity update with Chief Information Technology Officer Scott Balovich, reinforcing the ongoing diligence to protect assets. The next meeting of the Board of Trustees and Ethics, Audit & Cybersecurity Committee Meeting will be on September 2, 2025, virtually via Teams Webinar. About APFC The Alaska Permanent Fund Corporation (APFC) manages the assets of the Alaska Permanent Fund, a globally recognized sovereign wealth fund. Established in 1976, the Fund preserves Alaska's nonrenewable mineral and oil wealth as a renewable financial resource for current and future generations of Alaskans. The Fund also serves as the primary source of revenue for Alaska's unrestricted general funds, supporting the state's economic stability and prosperity. APFC is a quasi-independent state agency with one mission: to manage and invest the assets of the Alaska Permanent Fund and other funds designated by law. The Alaska Permanent Fund is the largest sovereign wealth fund in the U.S., with $81.4 billion in assets as of April 30, 2025. For more information, visit View source version on Contacts Paulyn Swanson 907.796.1520 – pswanson@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
30-05-2025
- Business
- Business Wire
APFC Board Examines Asset Allocation, Approves Targeted Portfolio Adjustments
SITKA, Alaska--(BUSINESS WIRE)--The Board of Trustees of the Alaska Permanent Fund Corporation (APFC) held its quarterly meeting and the Ethics, Audit, & Cybersecurity Committee meeting in Sitka and via webinar on May 28 and 29. During the Board meeting, the Trustees reviewed the Fund's asset allocation study, approved the FY26 operating budget alongside Board Resolution 25-01, and advanced strategic shifts within the Real Estate portfolio, as well as the Public Equities and Fixed Income portfolios. The APFC Board conducts one meeting a year in a rural or remote area to broaden public engagement and increase awareness of the Permanent Fund. The Board appreciated Senator Stedman's and Representative Himschoot's participation, reflecting the importance of legislative partnership in advancing stakeholder accountability and support for the proposed single-fund endowment constitutional amendment. 'We thank the community of Sitka for their hospitality, the local legislative delegation for their attendance, and the opportunity to present to the Sitka Assembly. By holding meetings in communities throughout our great state, we reaffirm our responsibility to be accountable and accessible stewards of Alaska's greatest financial resource,' said Chair Jason Brune. Performance The Permanent Fund's total value was $80.8 billion at the quarter's close, reflecting steady growth amid ongoing market complexity. As of March 31, 2025, the Fund returned 4.55% for the fiscal year, outperforming its performance benchmark by 29 basis points (bps), matching the passive benchmark, and trailing the Return Objective of 5.50%. Over the 5-year period, the Total Fund's performance delivered strong relative results at 10.49%. The Fund outperformed its three benchmarks: the passive index of 9.71%, the performance benchmark of 9.93%, and the Real Return Objective of 9.38%. 'Our focus has always been on building a resilient portfolio that performs over time, not chasing short-term trends or looking backwards with the benefit of hindsight,' said Chief Investment Officer Marcus Frampton. 'We are committed to a disciplined, forward-looking strategy designed to meet the needs of Alaskans.' APFC's Investment Consultant, Callan, reviewed the Fund's performance, offering insights into current market conditions, benchmark comparisons, and broader macroeconomic trends, noting that trailing quarter performance places the total Fund above median relative to large public funds and the large endowments/foundations peer group. Investment Advisory Group The Board values the Investment Advisory Group's (IAG) guidance, expertise, and its important role in supporting the Fund's long-term stewardship. The Board voted to appoint Janet Becker-Wold, CFA, to the IAG and appreciates the interest of all the candidates in response to the competitive state procurement. Britt Harris concluded his IAG service in May 2025, expressing appreciation and gratitude. Chair Brune noted, 'We are very grateful to Britt Harris for his service and contributions to the Board. And, we are excited to welcome Janet Becker-Wold to the IAG, whose expertise will support the Board's oversight and strengthen our commitment to informed, disciplined governance.' Risk & Compliance Chief Risk & Compliance Officer Sebastian Vadakumcherry delivered a comprehensive Risk & Compliance overview. The report affirmed the Fund remains well within its approved risk tolerances, with key indicators showing healthy margins relative to established thresholds. The presentation also included an analysis of asset class contributions to risk, geographic and currency exposures, and compliance monitoring activity. Private Income: Asset Class Overview Ross Alexander, Senior Portfolio Manager, and Terek Rutherford, Associate, provided an update on APFC's Private Income portfolio, covering recent activity, performance, and thematic trends across Infrastructure and Private Credit. In line with the asset class's strategic direction, APFC continues to increase co-investment activity to capture higher returns and reduce fee burdens. Since its inception, the portfolio has generated more than $5.4 billion, underscoring its role in delivering stable, enduring value. Real Estate: Asset Class Strategic Updates Allen Waldrop, APFC Deputy CIO of Private Markets, and Eric Ritchie, Senior Portfolio Manager, who now leads the Real Estate portfolio, provided an update on the asset class, highlighting its role in the Fund, drivers of recent performance, and strategic shifts to enhance long-term performance and resilience. Annual Asset Allocation Review In considering the portfolio's asset allocation, the Board and staff affirmed APFC's mandate to manage the portfolio for a maximum risk-adjusted return, while acknowledging the state of Alaska's dependence on an annual 5% market draw from the Fund's earnings under the current two-account structure. After thoughtful review and discussion, the APFC Board of Trustees unanimously elected to maintain the existing asset allocation targets for the portfolio, citing continued uncertainty and volatility in global markets. Vice Chair Adam Crum and Trustees Ethan Schutt and Craig Richards were appointed to a working group to further explore a multi-year approach to asset allocation, recognizing the importance of purposeful planning in light of an evolving market environment. The following asset allocation targets for FY26 were adopted by the Board of Trustees effective July 1, 2025: • Public Equities 32% (no change) • Fixed Income 20% (no change) • Private Equity 18% (no change) • Real Estate 11% (no change) • Private Income 10% (no change) • Absolute Return 7% (no change) • Tactical Opportunities 1% (no change) • Cash 1% (no change) • TOTAL: 100% While the Board is responsible for setting asset allocation, APFC staff are tasked with executing the Investment Policy to optimize risk-adjusted returns within established guidelines and make specific investments. The policy allows staff to respond to market conditions dynamically through allocation bands. 'The Board's direction to maintain the current asset allocation targets into FY26 continues to provide a strong strategic foundation for the Fund,' said Frampton. 'We are focused on executing with discipline and precision to meet our long-term return goals, and we believe the Fund is well-positioned to navigate a complex market environment.' Alongside the asset allocation discussion, the Board voted to affirm a staff proposal for a phased reduction in Tracking Error (TE) limits for both the Public Equities and Fixed Income asset classes – aiming to reduce high levels of volatility while maintaining flexibility to outperform. The plan reduces TE limits for the portfolios as follows: Public Equities: 350 to 200 bps (by Dec. 31, 2025) and then to 100 bps (by Dec. 31, 2026). Fixed Income: 250 to 150 bps (by Dec. 31, 2025) and then to 75 bps (by Dec. 31, 2026). Additionally, the Board unanimously approved staff recommendations to expand the Real Estate asset class benchmark to 'Expanded NPI,' remove REITs from the benchmark, and adopt a 10% limit to REITs in the portfolio. The Board also directed that staff work to reduce exposure to direct real estate holdings by 50% over the next 5 years. Updates will be effective as of July 1, 2025, and will be reflected in the Investment Policy. Budget Review and Approval The Board unanimously approved the FY26 proposed budget in alignment with its strategic plan initiatives and previously established guidance. Trustees reaffirmed the importance of annual rules-based statutory inflation-proofing of the Permanent Fund's Principal and their position that the $4 billion special appropriation in FY22 to the Principal cannot be retroactively labeled as such. The Board encouraged the Legislature to honor its commitment to annual inflation-proofing under the two-account structure, emphasizing the importance of consistent rules-based discipline for intergenerational equity. Trustees look forward to working further with the Legislature on this issue. Ethics, Audit, & Cybersecurity Committee The Ethics, Audit & Cybersecurity Committee reviewed the FY25 Audit Plan with KPMG and considered the internal operational risk assessment, reaffirming APFC's commitment to governance transparency, robust financial oversight, and strong internal controls. Chief Financial Officer Valerie Mertz and Senior Portfolio Accountant Jacki Mallinger presented the fiscal year-to-date financial performance updates, and Chief Risk & Compliance Officer Sebastian Vadakumcherry provided a detailed Internal Controls Review. The Committee also held an executive session for a cybersecurity update with Chief Information Technology Officer Scott Balovich, reinforcing the ongoing diligence to protect assets. The next meeting of the Board of Trustees and Ethics, Audit & Cybersecurity Committee Meeting will be on September 2, 2025, virtually via Teams Webinar. About APFC The Alaska Permanent Fund Corporation (APFC) manages the assets of the Alaska Permanent Fund, a globally recognized sovereign wealth fund. Established in 1976, the Fund preserves Alaska's nonrenewable mineral and oil wealth as a renewable financial resource for current and future generations of Alaskans. The Fund also serves as the primary source of revenue for Alaska's unrestricted general funds, supporting the state's economic stability and prosperity. APFC is a quasi-independent state agency with one mission: to manage and invest the assets of the Alaska Permanent Fund and other funds designated by law. The Alaska Permanent Fund is the largest sovereign wealth fund in the U.S., with $81.4 billion in assets as of April 30, 2025. For more information, visit
Yahoo
15-05-2025
- Business
- Yahoo
Amid budget struggle, Alaska has little money for new construction or renovation
Rep. Jeremy Bynum, R-Ketchikan, speaks to Rep. Calvin Schrage, I-Anchorage, during a vote on amendments to the state's capital budget on Monday, May 12, 2025. (Photo by James Brooks/Alaska Beacon) The Alaska House of Representatives, following in the path of the state Senate, has approved a small construction and renovation budget for the fiscal year that starts July 1. The vote on Senate Bill 57, the annual infrastructure bill — formally known as the capital budget — was 21-19, along caucus lines. When oil prices and production are high, the Alaska Legislature pours hundreds of millions of dollars into new construction and maintenance projects. This spring, with the Legislature anticipating low oil prices and reduced federal funding, the House version of the capital budget proposes to spend just $167.9 million in general-purpose dollars. In comparison, the capital budget two years ago spent more than three-quarters of a billion dollars. The newly approved capital budget isn't the smallest in recent history — in 2016, legislators approved just $107 million — but spending is very limited by historical standards, noted Rep. Calvin Schrage, I-Anchorage, who oversaw the budget on the House Finance Committee. 'This was not a fun or easy year to be the capital budget co-chair,' Schrage said, 'due to our state's dire fiscal picture. We had to say no — or at least not now — to a lot of good projects that would have benefited Alaskans. That said, we were still able to make some meaningful investments.' A significant amount of the capital budget is being set aside for matching funds needed to unlock federal grants. For example, it allocates $57.2 million in general-purpose money to the Alaska Department of Transportation and Public Facilities, which gives the state access to over $2 billion in transportation funding once federal money is considered. It isn't yet clear how federal budget cuts will affect that figure. The budget is set based on what is known as of today. With general-purpose revenue limited, the House and Senate finance committees were mostly limited to assigning money to deferred maintenance projects at state facilities spread across Alaska. For example, the Senate added $19 million to the major maintenance list at public schools. The House added another $19 million on top of that, enough to cover the top nine projects on the list.. 'We basically had an agreement going in; we got half, they got half,' said Sen. Bert Stedman, R-Sitka and Senate Finance Committee co-chair. When it came to discretionary funding, requests from individual legislators for things like playgrounds or streetlights, the House and Senate were again treated equally. 'Everybody got nothing,' Stedman said. Budget documents show few exceptions to Stedman's comment. One of the few budget additions made by the House was $500,000 for a Blood Bank of Alaska testing lab. Gov. Mike Dunleavy requested the money, the Senate rejected it, but the House added it back in. In many places, the budget attempted to use other sources of money instead of general-purpose dollars that primarily come from Permanent Fund earnings, oil taxes and royalties. For example, Dunleavy requested $7 million for a time and attendance system to be used by state employees. The Senate cut that request to $4 million, and instead of using general-purpose dollars, lawmakers took additional money from the accounts of the Alaska Industrial Development and Export Authority. The House approved that change. Of the budget overall, Schrage said lawmakers tried to deny projects equally, without regard to party or district. 'I know that this won't make everyone happy, but we've done the best that we can,' he said. The budget will return to the Senate for a concurrence vote, then advance to Dunleavy, who has line-item veto power and may eliminate individual budget items but cannot add new ones. SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX
Yahoo
14-05-2025
- Business
- Yahoo
Alaska Legislature forms conference committee for final budget negotiations
May 14—The Alaska House and Senate have appointed six members to a conference committee that will work on final negotiations over the state budget ahead of the end of the legislative session next week. The committee is charged with working out differences between the House and Senate versions of the budget. Members of the committee include Sen. Lyman Hoffman, D-Bethel; Sen. Bert Stedman, R-Sitka; Sen. James Kaufman, R-Anchorage; Rep. Calvin Schrage, I-Anchorage; Rep. Andy Josephson, D-Anchorage; and Rep. DeLena Johnson, R-Palmer. Josephson was named chair of the conference committee during its first meeting Tuesday afternoon, which lasted only a few minutes. Hoffman was named vice chair. The committee is expected to meet regularly until a final budget draft is completed. "We have a little less than 400 differences to work out," Stedman said. "So we're going to work those out, and the prediction is we will have balanced budget on adjournment night." Among the differences is the size of the Permanent Fund dividend. The House last month adopted a plan that includes a $1,400 payment to every eligible Alaskan and a $450 million deficit over two fiscal years. The Senate, in an effort to avoid the massive deficit, then reduced the dividend size to $1,000 and made significant cuts to agency spending. Stedman said the concerns to be addressed by the conference committee include an effort to ensure that the budget includes funds for fire risk mitigation. "We'd like to have funds available for the emergencies that come up," said Stedman. Many of the differences between the House and Senate budget meetings are "small," Stedman said, after lawmakers pared down the budget in the face of limited revenue, leaving little room for projects and additions outside status-quo agency operations.
The Guardian
16-03-2025
- Entertainment
- The Guardian
Stedman Pearson obituary
Stedman Pearson, who has died aged 60 while undergoing dialysis treatment for diabetes, was the eldest of the five siblings who made up the British pop group Five Star. Frequently compared to the Jackson 5, both for their all-family lineup and the fact that they were managed by a controlling and overbearing father, Five Star emerged from Romford, east London, and became a pop phenomenon in the mid-1980s with a string of hit singles and albums. The group was a project involving the entire Pearson family. Stedman was in effect Stedman Pearson Jr, since though his father was widely known as Buster Pearson, his actual first name was Stedman. Buster acted as manager, and the original plan was to form a group with his three daughters, Denise (now known as Deniece), Doris and Lorraine. However, Buster's wife, Delores (nee Ogeare), who would help with the group's business affairs, urged him to include sons Stedman and Delroy to create a quintet. Denise, Lorraine and Delroy contributed to the songwriting, with Denise the most prolific writer, while Doris handled the choreography. Stedman had briefly studied dance and fashion at college before he joined the group, and as well as singing and dancing, he had a hand in designing the group's costumes. 'Dad designed our first costumes and then, because he knew I liked designing, he said you've got the go-ahead, I'll leave you in charge of designing,' he told Smash Hits. However, in a 2008 interview with the Guardian he backtracked somewhat, saying: 'Seriously, I designed two costumes, the rest were designed by my father and my sisters.' After releasing a couple of unsuccessful singles in 1984, Five Star reached the UK Top 20 in 1985 with All Fall Down and Let Me Be the One, both of which also enjoyed success on the US Dance and R&B charts, and breached the Top 30 with Love Take Over. One of their biggest hits, System Addict, reached No 3 in 1986. It was a perky little slice of electro-pop that seemed to be a warning about the relentless march of digital technology – 'I really need the human touch / But I'm too far gone'. With their mix of slick production, synchronised dance routines, simple but catchy melodies and Denise's smooth and accomplished lead vocals, the group continued to rack up big hits in the UK for the next two years, scoring their highest UK placing with Rain Or Shine (No 2 in 1986), and reaching the Top 10 with Find the Time, Stay Out of My Life and The Slightest Touch. They also notched up a No 1 album with Silk & Steel (1986), which was certified four times platinum in the UK and additionally reached the US Top 100. They achieved further platinum status with the albums Luxury of Life and Between the Lines (the latter a Top 10 hit). In 1987 they sold out six nights at Wembley Arena on their UK tour, and won the Brit award for Best British Group, the first black group to do so. But their appeal had peaked. Their last chart album (not counting posthumous compilations), Rock the World, reached only No 17 in 1988, the group's efforts to create a tougher, black-leather-clad look having failed to arrest their commercial decline. Stedman was born in Romford, which was then in Essex. His father, a professional musician and businessman, had moved to the UK from Jamaica, and toured as a guitarist with such luminaries as Otis Redding, Jimmy Cliff, Desmond Dekker and Wilson Pickett. He also launched several record labels, including the reggae imprint K&B Records and Tent Records, which would become the home of Five Star (with a licensing deal with RCA Records). Stedman joined the family group when he was 19. Of that time, Denise said: 'Like the Jacksons, our father kept control. When we became well known, we bought Stone Court [in Sunningdale, Berkshire], a mansion with dogs and security gates.' The group became renowned for their fleet of lavish automobiles, including Ferraris, Lamborghinis, and Stedman's Mercedes. By 1990, however, the group had to move out of Stone Court after incurring financial losses on their in-house recording studio, first relocating to Hatfield and then to the US. The same year, the group signed to Epic Records, but their records failed to sell and Epic dropped them in 1991. By 2001 the group had shrunk to a three-piece of Stedman, Denise and Lorraine, and they continued performing until 2006. Though Stedman was a low-key member of the group, with the girls in the band taking a more high-profile role, his off-stage life had moments of drama. In 1990, he pleaded guilty to a charge of public indecency. In 2007, police investigated claims of a death threat against Stedman. Buster had allegedly told his oldest child that he had a gun and was planning to shoot him. Stedman told the Guardian: 'My father bankrupted all five of us … We lost the house, everything went back, including the cars … We could have fired my father as a manager and then we would have progressed.' Buster died in 2012. After the band split, Stedman diversified, setting up limousine hire companies in Switzerland and California. He also trained as a builder – 'I built houses, and I trained as a mechanic because I love cars' – and taught dance. He made some minor forays into reality television, appearing on Channel 5's All Star Talent Show, coming third in 2006 for his dancing skills, and in 2008 was a contestant on the BBC's Celebrity Scissorhands, trying out hairdressing for Children in Need. In 2013, Stedman attempted a musical comeback assisted by Lembit Opik, the former Liberal Democrat MP for Montgomeryshire. Of the singer, Opik said: '[He was] a hard worker, great performer and true gentle soul.' Stedman Pearson, singer, dancer and businessman, born 29 June 1964; died 10 March 2025
