Wednesday, 1 April 2015
Last updated 7 hours ago
Nov 26 2012 | 2:57pm ET
SAC Capital Advisors has moved to reassure investors in the wake of the arrest of a former portfolio manager for insider trading.
The $14 billion hedge fund has reached out to clients following Tuesday's arrest of Mathew Martoma. The case against Martoma is the first to link SAC founder Steven Cohen directly to allegedly illegal trading, although Cohen himself has not been accused of any wrongdoing.
SAC executives have spoken to some large clients since Martoma's arrest. The firm is emphasizing that its compliance structures are robust and that it is cooperating with the government.
"Mr. Cohen and SAC are confident that they have acted appropriately and will continue to cooperate with the government's inquiry," SAC said last week.
The latest insider-trading case tied to SAC has many clients in a quandry. One told Bloomberg News that its becoming harder and harder to stick with the firm, despite its strong returns. Some told Bloomberg that they are waiting to hear more about the charges.
The choice is made more difficult by the fact that SAC is currently closed to new investment, meaning that clients who redeem may not be able to get back in. What's more, investors can only redeem a quarter of their money each quarter, with 45-days notice. The next deadline for redemption notices is in the middle of February.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…