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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 Retu......................

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