Mon, Jun 27, 2016
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

SAC Capital returns 20% in its last year managing other people’s money

Thursday, January 02, 2014

Komfie Manalo, Opalesque Asia:

Steven Cohen’s SAC Capital Advisors is no more. But not after ending 2013 and its life as a hedge fund managing other people’s money with a bang!

A report by Reuters claims that SAC Capital returned 20.10% in 2013, making the firm one of the best performing hedge funds, even after the firm pleaded guilty to insider trading and agreed to pay $1.2bn in penalties this year, on top of the $616m SAC Capital agreed to pay the SEC in an settlement earlier last year.

From December 1st to 27th, SAC Capital gained 1.88%, sources said. Comparatively, the HFRX Global Hedge Fund Index is up 0.40% MTD (6.55% YTD).

According to Reuters, Cohen, who has for two decades delivered some of Wall Street's best returns (averaging 30%), wound down the hedge fund’s operations, which was part of the conditions set when his firm pleaded guilty to insider trading in November. The deal with the Securities and Exchange Commission (SEC) prohibits Cohen from managing money for outside investors.

57-year-old Cohen was not formally charged with any criminal wrongdoings but he was accused of failing to supervise his employees’ insider trading deals in a civil case. He is expected to transform his $14bn hedge fund into a family office. His personal fortune is estimated at $9bn.

In mid-December, Two Sigma and Hamilton Reinsurance Group ......................

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 Roundup: Hedge funds shrink as liquidations outpace new launches in Q1: hedge fund news, week 27[more]

    In the week ending 17 May, 2016, HFR said hedge fund liquidations declined narrowly to begin 2016 after rising sharply to conclude 2015, as investors positioned f

  2. Europe - Hedge funds keep powder dry over big Brexit bets, Hedge funds sense profit in Europe shock waves after Brexit vote, Soros warns Brexit may cause pound plunge worse than Black Wednesday, After Brexit: What will happen if Britain votes to leave the UK?[more]

    Hedge funds keep powder dry over big Brexit bets From FT.com: Hedge funds are shying away from big bets on Brexit, with many unwilling to risk further losses having already suffered a painful first half of the year. With the outcome of a UK vote on the country’s membership of the Europea

  3. News Briefs - ’Flash Boys’ get green light to launch stock exchange, Pimco says ‘storm is brewing’ in U.S. commercial real estate, Bankers get ready to rumble at Hedge Fund Fight Night, AIMA Australia celebrates 15th anniversary[more]

    ’Flash Boys’ get green light to launch stock exchange In an investing environment ruled by fast, the newest U.S. public stock exchange is banking on slow. Well, slower. IEX Group, which won Securities and Exchange Commission approval on Friday to go head-to-head with the New York Stock E

  4. Blackstone buys minority stake in New York-based credit hedge fund Marathon[more]

    Benedicte Gravrand, Opalesque Geneva: Blackstone Strategic Capital Holdings Fund, a vehicle managed by Blackstone Alternative Asset Management (BAAM), has acquired a passive, minority interest in Marathon Asset Management, for an undisclosed sum. Based in New York,

  5. Investing - Soros, Druckenmiller among hedgies profiting in market plunge, Hedge funds were most bullish on bonds since 2004 before Brexit, Surprise Brexit vote unleashes scramble for dollars, High-yield hit on Brexit but no panic selling, Scientist turned hedge fund founder lured to pound, euro, Hedge fund avoids commodities, posts big gains[more]

    Soros, Druckenmiller among hedgies profiting in market plunge From HITC.com: Bullish positions in gold and volatility and well-timed short bets on China and emerging markets, among other areas, were some of the trades that benefited hedge funds on Friday as markets digested Britons' s