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Jun 24, 2013

Exclusive – A big Bridgewater fund is under the weather

NEW YORK (Reuters) – A $70 billion (45.35 billion pounds) portfolio managed by hedge fund titan Ray Dalio’s Bridgewater Associates and widely held by many pension funds to survive stormy markets is emerging as a big loser in the recent selloff in global markets.

The Bridgewater All Weather Fund is down roughly 6 percent through this month and down 8 percent for the year, said two people familiar with the fund’s performance.

Jun 24, 2013

Dalio’s Bridgewater big loser in market sell-off: sources

NEW YORK (Reuters) – A $70 billion portfolio managed by hedge fund titan Ray Dalio’s Bridgewater Associates and widely held by many pension funds is emerging as a big loser in the recent sell-off by markets, according to two people with knowledge of the numbers.

The Bridgewater All Weather Fund is down roughly 6 percent through this month after losing 5 percent in May, the people said.

Jun 12, 2013

Rival hedge funds hope to feast on SAC Capital redemptions

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.)

Jun 7, 2013

Hedge fund that manages SAC money had tough year through April

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.

Jun 6, 2013

For two hedge funds, SAC redemptions hit close to home

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.

Jun 3, 2013

SAC may cut staff, offices as probe pushes investors away

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.

May 31, 2013

SAC redemptions grow, as Magnitude Capital joins in

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.

May 28, 2013

Another investor to pull money from SAC as probe continues

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.

May 17, 2013

SAC Capital won’t fully cooperate with government: letter

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.

May 17, 2013

SAC Capital won’t fully cooperate with govt -letter

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
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.

    • 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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