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Alternative Market Briefing

Update: SAC Capital shuts down Parameter trading unit

Tuesday, August 13, 2013

Precy Dumlao, Opalesque Asia:

Days after vowing to "keep the engines running" at his hedge fund firm SAC Capital Advisors, Steven Cohen announced Monday that its trading unit, Parameter Capital, is shutting down. The closure was announced as SAC Capital is faced with insider trading charges and a money laundering lawsuit from Federal authorities, various media reported. A Bloomberg report said that Parameter has $300m in assets and was started by Anil Stevens and Glenn Shapiro in 2010. Stevens was reported to be eyeing up starting his own hedge fund and was planning to take at least nine Parameter staff.

It was not clear what Shapiro plans are after the closure of the trading unit, although he is not expected to join Stevens.

A Reuters report indicated that the decision to close Parameter was reached months before the firm was indicted for five counts of insider trading.

Last July 25, Federal authorities indicted SAC Capital and described the hedge fund firm as a "veritable magnet of market cheaters" for fostering a "systematic" insider trading culture from 1999 to 2000 that encouraged employees to flout the law and ......................

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