Wednesday, 1 October 2014
Last updated 11 hours ago
Jan 2 2013 | 3:46pm ET
Scandal-tarred SAC Capital Advisors ended 2012 with a vote of confidence from one major investor, even as another firm moved to pull its clients' money.
The Blackstone Group is not planning to redeem its $550 million with SAC, Reuters reports. The alternative investment giant has had three talks with SAC executives in the wake of the arrest of a former portfolio manager on insider-trading charges in November, and word that SAC itself was likely to be sued by the Securities and Exchange Commission.
"I am unaware of any representation by Blackstone that they are pulling out" of SAC, a lawyer representing a Louisiana pension fund invested with Blackstone told Reuters.
Blackstone's investment makes up about 9% of SAC's assets under management.
Titan Advisors is going the other way. The firm, which has invested with SAC since the mid-1990s, is redeeming its entire investment.
"They've told us they still think SAC is a good firm but Titan doesn't need the headline risk, and we sure don't," Tony Taneyhill, executive director of the Fire & Police Employees' Retirement System of the City of Baltimore, a Titan investor, told The Wall Street Journal.
It is unclear how much Titan has invested with SAC; in total, it has about $3 billion invested with hedge funds.
SAC investors have until the middle of next month to submit redemption notices.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...