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Check out the latest news and insight from the ever-evolving world of institutional investing and hedge funds from around the globe.

Jing Chen has been eVestment’s hedge fund industry news reporter since 2011. To submit industry-related press releases or request feature ideas please contact her at editor@evestment.com

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SAC Capital Up 13% this Year

Sep 25, 2013
Jing Chen

Steve Cohen’s SAC Capital Advisors is having a strong year despite being embroiled in a criminal insider trading case.

According to Reuters, Connecticut-based SAC is up about 13% this year as of last Friday and is reportedly having a “particularly good” September.

After a multi-year investigation, a grand jury charged SAC Capital in July with wire fraud and four counts of securities fraud for allegedly allowing insider trading to go unchecked from 1999 through at least 2010. The SEC also charged Cohen for failing to prevent insider trading at his firm.

eVestment reported that U.S. prosecutors are seeking as much as $2 billion from SAC to settle the case, however the hedge fund is pushing for a lower settlement.

Cohen has since denied the charges and maintains that he and his firm behaved appropriately.

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

 

 

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