Wed, Mar 4, 2015
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. Outlook - Philippe Jordan predicts 'alternative beta' to displace hedge funds, Stan Druckenmiller says Europe, Japan stocks will outpace U.S.[more]

    Philippe Jordan predicts 'alternative beta' to displace hedge funds From Investordaily.com.au: The disappointing performance of hedge funds in recent years is a result of "too much money chasing too little alpha", argues Capital Fund Management. Speaking to InvestorDaily, CFM partner Phi

  2. Investing - Seth Klarman of Baupost outlines his investment process as major stock market indices are stretched, Myriad hedge fund sold bulk of its Alibaba stake last year[more]

    Seth Klarman of Baupost outlines his investment process as major stock market indices are stretched From Valuewalk.com: As hedge fund manager Seth Klarman, leader of the $28 billion Baupost Group, reviews 2014 performance and considers investors gained near 7 percent on the year, he cons

  3. Investing - As rig count falls, hedge funds pile into long crude futures, Parus tactically shifts long/short exposure ratios, Mario Draghi outflanking Kuroda as bearish euro bets surge, Prime Capital’s 500.com bet derailed after 41% drop[more]

    As rig count falls, hedge funds pile into long crude futures From 247wallst.com: In the week ended February 27, the total number of rigs drilling for oil in the United States came in at 986, compared with 1,019 in the prior week and 1,430 a year ago. Including 281 other rigs mostly drill

  4. Opalesque Exclusive: SEC’s Mark J. Flannery warns hedge funds against valuation misconduct[more]

    Komfie Manalo, Opalesque Asia: Securities and Exchange Commission chief economist and director of Division of Economic and Risk Analysis (DERA) Mark J. Flannery has warned of the risks posed by market misconduct, particularly in the true valuation of assets by hedge fund managers. In his

  5. Dymon Asia's $3bn macro hedge fund lost 10.45% in January[more]

    From Reuters.com: Dymon Asia's $3.1 billion macro hedge fund lost 10.45 percent in January, performance data seen by Reuters showed, a month where many peers lost heavily after a surprise rise in the Swiss franc. Singapore-based Dymon, set up by Danny Yong, a former founding partner and chie