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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 ......................

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