Fri, Jul 25, 2014
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

SAC Capital loses another investor

Wednesday, May 29, 2013

From Komfie Manalo, Opalesque Asia – It seems there is no end to SAC Capital’s Steven Cohen’s woes.

On Tuesday, San Francisco-based Ironwood Capital Management sent a notice to SAC Capital it would pull out some $100m from the troubled hedge fund, adding to the list of worries for Cohen who is already facing possible charges over an alleged insider trading deal, reported Reuters.

The report said that that fund of hedge funds decided to pull out from SAC Capital after Cohen announced in early May that it would no longer cooperate "unconditionally" with authorities regarding the ongoing insider trading investigation against former and current SAC Capital executives.

Reuters cited a person privy to information who said that the changes in transparency in access to information has made it difficult for Ironwood to raise additional funds and forced the firm to request redemption from SAC Capital.

A separate report by The Journal said that Ironwood completely U-turned from its earlier assurance to one of its clients that it would keep its money in SAC Capital because the bulk of the fund invested to the hedge fund was with Cohen and his employees.

News of Ironwood’s withdrawal is a major blow to SAC Capital who is still grappling from the earlier decision by Blacks......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing
  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Events – AIMA Australian Hedge Fund Forum, Sept. 16, Sydney[more]

    AIMA Australia invite you to join us at our annual Hedge Fund Forum on Tuesday 16th September 2014 at the Sofitel Sydney Wentworth. The AIMA Australian Hedge Fund Forum is a non-profit hedge fund conference organised by the industry for the industry, featuring quality Australian and internation

  2. Opalesque Roundtable: Success in hedge fund marketing not linked to performance, but investor appetite[more]

    Komfie Manalo, Opalesque Asia: Success in marketing a fund is not linked to the performance, but to investor appetite, to the way you can market the fund, and to how much time you can spend to raise assets, said Antoine Rolland, the CEO of incubator and seeding firm

  3. Opalesque Exclusive: Loeb, Grantham cite growing economic concerns in letters[more]

    Bailey McCann, Opalesque New York: Hedge fund manager Daniel Loeb, head of Third Point, and Jeremy Grantham of Grantham, Mayo, Van Otterloo & Co. have both released their quarterly investor letters today. While news is positive on some fronts, and both men see pockets of opportunity, they also h

  4. Investing – Hedge funds expect Netflix earnings to catapult forward, Third Point's Loeb takes stakes in Fibra Uno, YPF, Royal DSM, Lake Capital in talks to back Engine Group[more]

    Hedge funds expect Netflix earnings to catapult forward From Investing.com: Netflix has made major strides forward in 2014 despite ongoing battles with the FCC and cable companies over the issue of net neutrality. The FCC has now received over 500,000 comments from the public on its pend

  5. Opalesque Roundtable: European family offices struggle to retain their investments in offshore hedge funds[more]

    Komfie Manalo, Opalesque Asia: The European Union’s Alternative Investment Fund Managers Directive (AIFMD) will constrain investment opportunities amidst concern a number of U.S. fund managers will stop marketing their products in the European Union under the new rule, said Valentin Bohländer fro