Fri, Jul 28, 2017
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. Launches - Bitcoin hedge fund launches ethereum-subscribed ICO investment vehicle, Jersey players institutionalize first regulated crypto-currency hedge fund[more]

    Bitcoin hedge fund launches ethereum-subscribed ICO investment vehicle From Coindesk.com: The operators of a regulated, Jersey-based bitcoin hedge fund have officially closed a new $5 million fund aimed at investing in cryptocurrency tokens and initial coin offerings (ICOs). Backed by fun

  2. SWFs - China Wealth fund backs TPG lender as part of U.S. property push[more]

    From Bloomberg.com: China Investment Corp., the sovereign wealth fund that controls $814 billion in assets, is betting on U.S. real estate by investing in a commercial real estate lender formed by the money management firm TPG. In conjunction with last week's initial public offering of TPG RE Financ

  3. Months to minutes: Enigma launch aims to boost crypto hedge fund creation[more]

    From Coindesk.com: What if starting a hedge fund was as easy as downloading an API? A startup incubated at MIT Media Lab is today revealing a product designed with this ease-of-use in mind. Called Catalyst, the first product offering by blockchain startup Enigma aims to trigger nothing short of an e

  4. North America - Hedge funds disclose their Puerto Rico debt holdings, US dominates new money portion of Greece's debt sale[more]

    Hedge funds disclose their Puerto Rico debt holdings From Reuters.com: A group of hedge funds that hold about $3 billion of Puerto Rico sales-tax-backed debt released a court filing late on Tuesday that revealed how much of the total amount each fund manages. Decagon Holdings LLC,

  5. $25 million cryptocurrency fund launches to capitalize on the "internet of the future"[more]

    From Coindesk.com: General Crypto, a $25 million cryptocurrency hedge fund, has launched to provide high net worth investors with liquid exposure to the cryptocurrency market and digital assets that they believe could run the technological infrastructure of the future. Since the start of 2017, the t