Sat, Aug 19, 2017
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. Opalesque Exclusive: Albright Capital puts a value lens on emerging markets[more]

    Bailey McCann, Opalesque New York: Over the past decade, investors have steadily increased investments in emerging markets private funds. Allocations to the cohort have increased from $93 billion in December 2006 to $564 billion in September 2016, according to data from research firm Preqin. Howe

  2. Comment: "Long-Term Investing": What managing drawdown risk can do to your long-term returns[more]

    Matthias Knab, Opalesque: Real Investment Advice writes on Harvest Exchange: Last week, I was having lunch with a prospective portfolio management client discussing the curre

  3. Jasper Capital International joins Hedge Fund Standards Board[more]

    Komfie Manalo, Opalesque Asia: Diversified and systematic investment firm Jasper Capital International has become the second China-based signatory to the Hedge Fund Standards Board (HFSB), an organization that brings hedge fund managers and investors together to set standards for the hedge fund i

  4. Investing - Hedge-fund honchos including David Tepper are loading up on Alibaba, Billionaire hedge fund manager Stanley Druckenmiller is betting big on the Chinese consumer, Big-name U.S. hedge funds shed healthcare stocks during the rally in second-quarter, U.S. hedge funds bearish on FAANG stocks in second-quarter, Hedge fund titan Viking Global made a $680 million bet on scandal-plagued Wells Fargo[more]

    Hedge-fund honchos including David Tepper are loading up on Alibaba From CNBC.com: David Tepper's Appaloosa Management and three other he ge funds took new stakes in Chinese e-commerce giant Alibaba in the second quarter, according to the latest quarterly filings. Appaloosa disclos

  5. FinTech - Danger: Crowdfunding on the wrong platform could force you to go public[more]

    From LinkedIn.com: Some equity crowdfunding platforms are putting startups at serious risk. Working with a platform that doesn't structure your deal appropriately could jeopardize your ability to raise future capital or worse, force you to become a public reporting company. The emergence of eq