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Alternative Market Briefing Weekly

SAC reached tentative deal with Feds: hedge fund news, week 43

Saturday, October 26, 2013

In the week-ending 25 Oct., 2013, it was reported that SAC Capital has reached a tentative deal with federal prosecutors to settle the insider trading case and pay $1bn in fines and penalty; the hedge fund would also wind down its advisory business band stop managing money for outside investors under the said plea agreement. SAC Capital also said it would cut six portfolio management teams in the U.S. and close its London office, affecting 50 employees.

Highbridge Capital announced plans to launch a $250m Asia-focused hedge fund in early 2014; Marketfield Asset recently launched a liquid alternatives fund in Europe and re-domiciled to Ireland; former Fugees star Pras has teamed up with several investors to launch a hedge with ‘green’ focus; Jason Ader and Andrew Wallach joined forces to launch a $225m activist hedge fund; Channel Capital launched a high yield catalyst fund early this month; and Altegris Advisors launched the Altegris Fixed Income Long Short Fund.

Traxis Partners said it would close down its operations because of declining assets; and FX Concepts filed for Chapter 11 bankruptcy protection in New York.

The Credit Suisse Global Macro Hedge Fund Index was up 0.8% in September (+1.5% YTD); The Emanagers Total Index rose 1.3% (+2.92% YTD); And the A SQUARE Funds of Funds Index slid ......................

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