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SAC Capital Shuts Down Trading Unit

Aug 12, 2013
Jing Chen

Steve Cohen’s SAC Capital has closed one of its trading units amidst an insider trading indictment.

The New York Times reported that Connecticut-based SAC shut down Parameter Capital Management late last week, and liquidated all of its positions in the last few days.

The article said that Parameter co-founder Anil Stevens had considered closing the unit long before SAC’s indictment last month in order to start his own hedge fund firm.

SAC was charged with fraud last month for allegedly allowing insider trading to go unchecked from 1999 through at least 2010. Days earlier, the Securities and Exchange Commission charged SAC founder Cohen for failing to prevent insider trading at the firm.

SAC had about $14 billion in total assets under management as of July 1.

 

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