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Nov 28, 2012

SAC Capital threatened with fraud charges -sources

NEW YORK (Reuters) – The U.S. government is threatening to file civil securities fraud charges against SAC Capital Advisors and is tightening the regulatory screws around Steven A. Cohen, the $14 billion hedge fund’s founder and one of the industry’s most famous traders.

The move comes a week after a former SAC Capital employee was charged with running the most lucrative insider trading scheme ever in a series of transactions Cohen signed off on.

Nov 28, 2012

SAC Capital says it received Wells notice-source

NEW YORK, Nov 28 (Reuters) – The U.S. government has told
hedge fund titan Steven A. Cohen’s SAC Capital Advisors that it
is likely to face civil charges over alleged insider trading at
the $14 billion firm, a source familiar with the matter said on
Wednesday.

SAC told investors on a Wednesday conference call that the
Securities and Exchange Commission had issued a so-called Wells
notice to the firm, according to the source, who listened to the
call.

Nov 28, 2012

SEC might take action against SAC Capital Advisors

NEW YORK (Reuters) – The U.S. government has told hedge fund titan Steven A. Cohen’s SAC Capital Advisors that it is likely to face civil charges over alleged insider trading at the $14 billion firm, a source familiar with the matter said on Wednesday.

The Securities and Exchange Commission issued a so-called Wells notice to SAC, the firm told investors on a Wednesday telephone conference call, said the source, who listened to the call.

Nov 26, 2012

Citi break-up more likely, says DoubleLine’s Baha

NEW YORK (Reuters) – The time may be right for Citigroup (C.N: Quote, Profile, Research, Stock Buzz), long one of the world’s biggest banks by assets, to slim down a little, banking expert Bonnie Baha said on Monday.

“It would make sense to break up Citi,” Baha, portfolio manager of Global Developed Credit at the $50 billion DoubleLine Capital LP, said at the Reuters Global Investment 2013 Outlook Summit. “The odds for that are probably much higher now than they were three months ago.”

Nov 21, 2012

Legal, financial fallout loom for SAC in insider trading case

BOSTON/NEW YORK (Reuters) – The fallout from the latest insider trading case against a former SAC Capital Group employee could reverberate throughout Steven A. Cohen’s $14 billion (8 billion pounds) hedge fund and impact the billionaire trader himself even though he has not been charged with any wrongdoing.

U.S. securities regulators, in charging former SAC Capital employee Mathew Martoma with insider trading, are also seeking to force the division where he worked to disgorge $276 million (172 million pounds) that was the result of the illicit trades.

Nov 20, 2012

Latest arrest shines light on Cohen’s CR Intrinsic unit

BOSTON/NEW YORK (Reuters) – CR Intrinsic, a unit of Steven A. Cohen’s SAC Capital Advisors hedge fund, was long considered the crown jewel in the trader’s $14 billion empire. But now, the SAC-affiliated fund is getting something of a rap sheet.

The fund, which used to manage the bulk of the billionaire trader’s personal money, is where three out of the five former SAC employees implicated in the U.S. government’s insider trading investigation once worked.

Nov 19, 2012

After gains in RMBS, Lippmann’s LibreMax looks to CMBS, CLOs in fourth-quarter

NEW YORK (Reuters) – Greg Lippmann’s $2.3 billion hedge fund LibreMax Capital, which produced double-digit gains this year with big and successful bets on residential mortgage securities, is looking to the commercial real estate market to boost returns.

The hedge fund, which gained more than 8 percent in the third quarter, when most funds rose about 5.8 percent, told investors in a quarterly letter reviewed by Reuters that it was “excited about the opportunities in the CMBS credit space” and had increased exposure to those securities in the three months through September 30.

Nov 19, 2012

After gains in RMBS, Lippmann’s LibreMax looks to CMBS,CLOs in Q4

NEW YORK, Nov 19 (Reuters) – Greg Lippmann’s $2.3 billion
hedge fund LibreMax Capital, which produced double-digit gains
this year with big and successful bets on residential mortgage
securities, is looking to the commercial real estate market to
boost returns.

The hedge fund, which gained more than 8 percent in the
third quarter, when most funds rose about 5.8 percent, told
investors in a quarterly letter reviewed by Reuters that it was
“excited about the opportunities in the CMBS credit space” and
had increased exposure to those securities in the three months
through September 30.

Nov 15, 2012

Hedge funds shower love on Green Mountain, Yahoo

NEW YORK (Reuters) – Patrick McCormack, the manager of hedge fund Tiger Consumer Management, decided to bet against rival David Einhorn in the third quarter.

McCormack’s $2 billion fund jumped into two stocks that Einhorn, founder of $8 billion Greenlight Capital Management and one of a handful of savvy traders who can move markets with his “short” calls, has said publicly he is shorting, or betting against.

Nov 15, 2012

Some hedge fund “Tiger Cubs” slash Ralph Lauren, others add

NEW YORK (Reuters) – A group of hedge funds seeded by veteran investor Julian Robertson cropped their stake in fashion brand Ralph Lauren Corp in the third quarter, even as the retailer attracted some of the biggest names in the $2 trillion hedge fund industry.

Several so-called Tiger Cubs – hedge funds launched with seed money by Roberston of Tiger Management – either reduced or dissolved their holdings of Ralph Lauren during the three-month period to September 30, according to regulatory filings released on Wednesday.

    • About Katya

      "Katya Wachtel is a hedge fund and big money reporter for Reuters. She hails from Melbourne. Australia, not Florida. You can contact her at katya.wachtel@thomsonreuters.com"
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