Tue, Dec 1, 2015
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing Weekly

SAC Capital close to agreement to pay record fine, stop operating as investment adviser: hedge fund news, week 42

Saturday, October 19, 2013

In the week ending 18 October, 2013, U.S. prosecutors in the insider trading case of SAC Capital Advisors’ portfolio manager Michael Steinberg are trying to prove that parallel trading were done by other fund managers using the same allegedly illegal tips; meanwhile, SAC is understood to be close to an agreement to pay a fine of at least $1bn to settle criminal charges of insider trading, said The Telegraph; an agreement to stop operating as an investment adviser is one feature of a larger agreement SAC is negotiating, said NYTimes; and hedge fund Two Sigma has emerged as the frontrunner to take over SAC Capital's stake in the Bermudian reinsurer it founded last year, The Insurance Insider revealed.

Fidelity Investments plans to launch the Fidelity Event Driven Opportunities Fund; GLG Partners started this month a new hedge fund modelled after its flagship European equity pool that trades the stocks of global companies; Hong Kong based financial services boutique Silverhorn Investment Advisors launched three funds under its umbrella of the Silverhorn SICAV-SIF in Luxembourg, including the Silverhorn Dynamic Relative Value Fund; Neuberger Berman’s new fund of hedge funds, the Neuberger Berman Absolute Return Multi Strategy fund (ARMS), will be launched early next month in UCITS format; and Finisterre Capital launched a UCITS-compliant hedge fund at the request of one of its UK insurance clients who no longer wanted to invest in offshore funds.

Morgan Stanley included a newly launched fund, the MS Broadmark Tactical Plus UCITS Fund, under its FundLogic Alternatives platform; City Financial is to launch an Asian macro fund, to be managed by Geoffrey Barker, on its platform in the first ......................

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. Other Voices: Hedge fund marketing and the selling cycle[more]

    By Bruce Frumerman. How long is the selling cycle now? That’s a question my financial communications and sales marketing consulting firm has been asked on a regular basis by hedge fund firm owners and sales people, ever since we opened the doors to our firm in 1987 pre-crash. Wa

  2. People - Solus Alternative Asset Management adds chief strategist from BTIG[more]

    From PIonline.com: Daniel Greenhaus joined hedge fund manager Solus Alternative Asset Management as managing director and chief strategist. He will work closely with Chris Bondy, Solus’ chief economist, managing director and executive vice president, said Chris Pucillo, CEO and chief investmen

  3. Commodities - Stung by oil, distressed-debt traders see worst losses since '08[more]

    From Bloomberg.com: It’s mid-November, but for investors who trade in the debt of distressed companies, the year’s already done -- and they lost. Hedge funds that specialize in the debt are grappling with their worst declines in seven years. Funds managed by Knighthead Capital Management, Candlewood

  4. Opalesque Roundtable: Seeding deal terms can be onerous for hedge funds[more]

    Benedicte Gravrand, Opalesque Geneva for New Managers: Executives from fund of funds firms, family offices, a placement agent, a private equity firm, and an accounting firm gathered in Connecticut last month for the

  5. Opalesque Roundtable: Family offices flock to co-investment[more]

    Bailey McCann, Opalesque New York: Co-investments have been a hot topic for pension funds in recent years, as they try to move away from high fees and improve transparency. But now, family offices are more readily getting into the mix and establishing in-house deal teams, according to the delega