Saturday, 30 May 2015
Last updated 9 hours ago
May 20 2011 | 1:48pm ET
SAC Capital Advisors may still close its flagship hedge fund to new money, but investors who still want a piece of the legendary firm have a new place to park their money.
The $14 billion Stamford, Conn.-based firm will launch a quantitative hedge fund in the third quarter, Bloomberg News reports. The strategy currently accounts for about 15% of SAC's assets, but is not available as a stand-alone product.
That is poised to change as SAC mulls closing its main fund to new investors. The firm has added about $1.5 billion in assets since reopening last year.
SAC currently has about 20 teams of quant. traders.
The new fund will be SAC's first in six years; the firm launched a multi-strategy fund in 2005, a fund that SAC is now winding down after it posted losses in 2008.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…