BOSTON/NEW YORK (Reuters) – A long list of rival hedge funds is eager to tap the billions in outside money that Steven A. Cohen’s SAC Capital Advisors is expected to return to investors by yearend.
Large hedge-fund firms structured like SAC, where Cohen allocates capital to dozens of portfolio teams that trade mainly in stocks, stand to benefit most from the ongoing insider trading probe, hedge fund industry investors and analysts said in a series of interviews. (Most did not want to be identified because of running or investing in funds that compete with SAC or have done business with it.)
NEW YORK (Reuters) – As billionaire investor Steven A. Cohen deals with a spate of redemptions out of his own hedge fund, another firm in which his SAC Capital Advisors has money saw returns plummet in the first four months of the year.
Adams Hill Capital, run by former SAC equity portfolio manager Andrew Schwartz, was down 8.34 percent to the end of April, according to an investor note reviewed by Reuters.
NEW YORK (Reuters) – Two small investment firms that manage money for SAC Capital Advisors have a lot at stake, as billionaire investor Steven A. Cohen moves to return about $4 billion to his outside investors.
The firms, Adams Hill Capital and Scopus Asset Management, are listed on regulatory filings as other advisers to an SAC Capital portfolio, meaning each manages a dedicated pool of money for Cohen’s hedge fund.
BOSTON/NEW YORK (Reuters) – Steven A. Cohen’s embattled hedge fund SAC Capital Advisors is facing a much tougher and less glamorous future, as outside investors pull the bulk of their money from the firm in the wake of an ongoing insider trading probe.
The billionaire trader, who founded SAC in 1992, will have to consider shedding staff, shuttering offices and scaling back some of its trading – something that could cost Wall Street firms hundreds of millions of dollars a year in trading commissions, industry experts said.
NEW YORK (Reuters) – Investor redemptions from Steven A. Cohen’s hedge fund, SAC Capital Advisors, continue, with Magnitude Capital emerging as the latest outside investor asking to get money back from the $15 billion hedge fund.
Magnitude Capital, a fund of hedge funds and manager of $3.1 billion of client money, began redeeming funds in the first quarter of this year and intends to submit another withdrawal notice for the second quarter, according to a person with knowledge of the investment.
NEW YORK (Reuters) – Ironwood Capital Management plans to pull about $100 million from embattled hedge fund SAC Capital Advisors, adding to the list of problems for billionaire trader Steven A. Cohen.
San Francisco-based Ironwood notified SAC last week it would be taking its money out of the $15 billion fund because of changes in access to information about an ongoing insider trading probe, according to a person familiar with the situation.
NEW YORK (Reuters) – Steven A. Cohen’s hedge fund SAC Capital Advisors told investors on Friday it would no longer cooperate “unconditionally” with the U.S. government’s insider trading investigation.
In a brief letter to investors, the $15 billion hedge fund did not elaborate but said it believes the next few months will be critical in the investigation.
NEW YORK, May 17 (Reuters) – Steven A. Cohen’s hedge fund
SAC Capital Advisors told investors on Friday it would no longer
cooperate “unconditionally” with the U.S. government’s insider
In a brief letter to investors, the $15 billion hedge fund
did not elaborate but said it believes the next few months will
be critical in the investigation.
LAS VEGAS (Reuters) – In Las Vegas this week, hedge fund investors rubbed shoulders with big-name managers, Hollywood heavies and political swells against a Bellagio hotel backdrop of glitz and gambling.
For the fifth straight year, private jets dropped off billionaire managers to schmooze clients and share success recipes with legions of hedge fund faithful who came on commercial airliners for the SkyBridge Alternatives Conference, which ran from Tuesday evening through Friday.
LAS VEGAS, May 9 (Reuters) – Billionaire investor Daniel
Loeb will go anywhere for a good trade and he is particularly
focused on Japan right now, he told a hedge fund industry
conference on Thursday, according to people who heard him speak.
Loeb discussed everything from his bet on Greek and
Argentine debt and nutritional supplements company Herbalife
, but spent much of the time discussing Japan, these
people said. He was speaking as the currency dropped to trade at
100 yen to the dollar, its lowest level in four years.