Sun, Jul 5, 2015
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 Exclusive: New systematic strategy managed alongside research firm outperforms S&P500[more]

    Benedicte Gravrand, Opalesque Geneva for New Managers: An emerging CTA manager explains how he runs his strategy, which is based on an index produced by a research firm. Peter Turk is head of

  2. Opalesque Exclusive: New systematic strategy embraces machine learning[more]

    Benedicte Gravrand, Opalesque Geneva for New Managers: The founder of a New York-based systematic trading firm, which offers a hybrid between alpha strategies and alternative feta at lower fees, describes his approa

  3. Larry Robbins' hedge fund Glenview buys 1m Tenet Healthcare shares[more]

    Komfie Manalo, Opalesque Asia: Glenview Capital Management said it bought an additional 979,482 shares at Tenet Healthcare Corp valued at $53.80 million, raising its stakes in the healthcare services company to 15.16%, reported

  4. Legal - Grayson’s hedge funds under scrutiny for possible ethics violations, Court rejects hedge fund’s motion to block merger of Samsung affiliates[more]

    Grayson’s hedge funds under scrutiny for possible ethics violations From Freebeacon.com: Rep. Alan Grayson is finding himself in hot water over managing hedge funds that bear his name, actions that are in possible violation of House ethics rules. Sitting members of Congress are prohibite

  5. Hedge funds decline in June as stocks tumble on Greek woes[more]

    From Bloomberg.com: Hedge funds posted losses across strategies last month as uncertainty over whether Greece will remain in the euro sent global stock markets tumbling. Winton Capital Management declined about 3.1 percent in June in its $12.1 billion Winton Futures Fund, leaving it down 1.9 percent

 

banner