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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 Looking to Sell Reinsurance Unit

Oct 06, 2013
Jing Chen

Steve Cohen’s SAC Capital Advisors is considering selling its reinsurance business in the midst of the hedge fund firm’s insider trading probe.

Reuters reported that multiple parties have expressed interest in purchasing the reinsurance company, however Connecticut-based SAC Capital is also considering shutting down the unit altogether.

The article added that the approximate $500 million in assets managed by the Bermuda-based reinsurer would help SAC’s possible transition into a family office, as nearly all of the firm’s external investors have reportedly pulled their capital after the government filed criminal insider trading charges against SAC in July.

SAC was charged with wire fraud and four counts of securities fraud for allegedly allowing insider trading to go unchecked from 1999 through at least 2010. The Securities and Exchange Commission also charged Cohen for failing to prevent insider trading at his firm.

SAC Re had $567.8 million in assets at the end of 2012.

 

 

 

 

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