SAC To Close Flagship On Aug. 1

Jul 27 2011 | 12:42pm ET

After months of mulling such a move, SAC Capital Advisors will close its flagship hedge fund to new money at the end of the month.

The Stamford, Conn.-based firm's International Fund, which has grown by about $2 billion since reopening to new investment last year, will close on Aug. 1.  The $14 billion firm is characterizing Monday's move as a "soft close," Institutional Investor reports, but it looks like a hard one: SAC won't take new money from either existing investors or would-be new ones.

SAC revealed that it was considering a close in May at the SkyBridge Alternatives Conference in Las Vegas. But while it plans to bar investors from its flagship, SAC doesn't plan to turn away investors dying to give it their money. The firm plans to offer its quantitative strategy as a stand-alone hedge fund beginning in the third quarter. The launch would be SAC's first new fund in six years.

SAC International is up 9.4% this year.


In Depth

Q&A: Decathlon Capital On Revenue-Based Alternative Lending

Oct 30 2017 | 3:49pm ET

The explosion in private credit activity since the end of the financial crisis is...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Saxby: Not All EBITDA Is Created Equal

Nov 30 2017 | 8:02pm ET

Record levels of dry powder are driving competition among private equity firms to...

 

From the current issue of