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SAC Capital Doubles Stake in Zynga

Mar 30, 2014
Jing Chen

Steve Cohen’s SAC Capital Advisors has doubled its stake in game maker Zynga.

Bloomberg Businessweek reported that SAC Capital now own more than 5% of Zynga from the 2.2% the firm held at the end of 2013. Zynga makes games such as FarmVille, Words with Friends and Draw Something.

Zynga, whose shares is owned by 58% of hedge funds, lost nearly 70% since March 2012.

SAC, which pleaded guilty in November to insider trading has agreed to pay a record $1.8 billion fine and to be barred from managing external capital for five years.

The firm 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.

Connecticut-based 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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