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SAC Capital Boosts Trading Surveillance Through Palantir Technologies Hire

Mar 19, 2014
Jing Chen

SAC Capital Advisors has hired a data analysis software maker to increase surveillance on the hedge fund firm’s trading activities.

Bloomberg reported that Steve Cohen’s Connecticut-based SAC Capital decided to retain Palantir Technologies' services-- after inviting the firm nine months ago to embed a team within its compliance and technology group--following insider trading charges.

SAC, 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. As a result, the firm is in the process of transitioning into a family office.

SAC has also renamed itself Point 72 Asset Management--which will take effect next month--while various funds at the firm will be renamed Point72, EverPoint Asset Management and Cubist Systematic Strategies.

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


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