Fri, Aug 22, 2014
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Two Sigma and Hamilton Insurance buy SAC Capital’s Reinsurance unit

Monday, December 16, 2013

Precy Dumlao, Opalesque Asia:

Two Sigma and Hamilton Reinsurance Group have formed a partnership to acquire SAC Capital’s reinsurance unit, clearing the way for the Steven Cohen’s once $15bn hedge fund to convert into a family office, various media reported.

According to the New York Times, former Ace and Marsh & McLennan CEO Brian Duperreault of privately-held firm Hamilton and Two Sigma, are close to finalizing a deal with SAC Capital before the end of this month to acquire SAC Re.

After a final deal is closed, the company will be renamed Hamilton Re. Details of the deal are still unclear.

The decision to sell SAC Re was part of the guilty plea entered by Cohen in November to securities fraud charges with the Securities and Exchange Commission in which he agreed to pay $1.2bn in penalty and stop managing money for outside investors.

Cohen was not personally charged in any insider trading case but has since been returning money to investors. However, he is still expected to manage about $9bn representing his personal wealth and convert his hedge fund into a family office.

In another report, Bloomberg quoted Duperreault as commenting on Two Sigma, the quantitative hedge fund with an estimated $16bn in asset, "Th......................

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. Institutions – Texas Employees sets 2015 tactical plan for alternatives, CalPERS' real estate consultant cautions the pension fund's investment committee, Why Sunsuper likes hedge funds[more]

    Texas Employees sets 2015 tactical plan for alternatives From PIOnline.com: Texas Employees Retirement System will invest in up to four new hedge funds in the next fiscal year, which begins Sept. 1. Trustees approved 2015 tactical investment plans for the hedge fund, private equity and in

  2. Private equity follows hedge funds into reinsurance for long-term capital[more]

    From Artemis.bm: It’s not just hedge funds that are entering the insurance and reinsurance market in search of so-called long-term capital to put to work in their strategies, private equity firms targeting the space are also seeking opportunities to add assets under management. The entry of large pr

  3. North America – New York City’s next hot neighborhoods targeted with property funds[more]

    From Bloomberg.com: New York’s real estate world is filled with tales of ordinary people who bought property decades ago and saw values skyrocket to the millions. Seth Weissman is seeking investors to get in early on the next hot neighborhoods. The veteran of Goldman Sachs Group Inc. and hedge

  4. Investing – George Soros bets $2bn on stock market collapse, Warren Buffett's Berkshire reveals Charter stake, cuts DirecTV, Hedge funds lusting to cash out of MGM, Top hedge fund managers are buying Ally Financial, Hedge funds dumped 5m Herbalife shares in Q2, Paulson & Co hedge fund ups Puerto Rico real estate bet, Netflix Inc., Citigroup Inc, Google Inc are top new picks in Tiger Management’s 13F[more]

    George Soros bets $2bn on stock market collapse From Newsmax.com: Billionaire investor George Soros has increased his financial bet that U.S. stocks will collapse to more than $2 billion. The legendary hedge fund manager has been raising his negative bet on the Standard & Poor's 500 Inde

  5. Investors now net short S&P500 and increased Russell shorts, technicals suggest further selling[more]

    Komfie Manalo, Opalesque Asia: Market Neutral funds increased their market exposure to -1% net short from -6% net short last week, according to Bank of America Merrill Lynch’s Hedge Fund Monitor. The report also added