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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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Steve Cohen to Rename SAC Capital

Feb 03, 2014
Jing Chen

Hedge fund manager Steve Cohen will rename SAC Capital Advisors as the firm is transitioning into a family office as part of an insider trading settlement with the U.S. government.

Bloomberg Businessweek reported that the Connecticut-based firm is also planning to add three trading units as part of the restructuring, which is expected to take place in mid-March.  

One will be run by Phillipp Villhauer, SAC’s current head of trading, another by Michael Ferrucci, who oversaw the firm’s London office that closed last year, and the third by Ross Garon, who currently heads the firm’s quantitative trading group.

A grand jury charged SAC in July 2013 with wire fraud and four counts of securities fraud for allegedly allowing insider trading to go unchecked from 1999 through at least 2010. The firm, which pleaded guilty in November to insider trading, agreed to pay a record $1.8 billion fine and to be barred from managing external capital for five years.

SAC, which had about $14 billion in total assets under management as of last year, is expected to manage about $9 billion for Cohen and his employee once the firm completes its transition to a family office.

 

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