Thu, Sep 3, 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. Cliff Asness attracts $360 million as liquid alternative funds hold up[more]

    From Bloomberg.com: As U.S. stocks suffered their worst month in more than three years in August, Clifford Asness’s managed futures fund was able to profit. Investors are taking notice. The $9.12 billion AQR Managed Futures Strategy Fund pulled in an estimated $360 million in net subscriptions last

  2. Opalesque Exclusive: When the SEC calls, fund managers need to get out of their own way[more]

    Bailey McCann, Opalesque New York: New pressure is hitting alternative investment funds from all angles. So far this month both hedge fund and private equity players have seen enforcement actions, and subsequent fines over fees, disclosures, and misleading statements. Citi one of the biggest

  3. Performance - Einhorn and Loeb's hedge funds both decline 5% in August, Some target-date funds miss in the market turmoil[more]

    Einhorn and Loeb's hedge funds both decline 5% in August From Reuters.com: Hedge fund billionaires David Einhorn and Daniel Loeb saw their main funds lose roughly 5 percent in August during a dramatic market sell off, two people familiar with their returns said on Monday. Einhorn's

  4. Fortress hedge fund manager David Dredge says markets trouble on the way[more]

    From AFR.com: David Dredge of global hedge fund Fortress has built a career studying, predicting and protecting against the world's major financial crises. The recent convulsions in global sharemarkets are "just the beginning" of a painful adjustment as money drains from the emerging market economie

  5. North America - Puerto Rico agency plans talks with hedge fund creditors[more]

    From WSJ.com: Puerto Rico’s Government Development Bank is planning to begin confidential debt-restructuring talks with hedge funds that own its bonds as early as next week, said a person familiar with the matter. The parties are set to discuss a plan under which the investors would lend additional

 

banner