Thursday, 25 December 2014
Last updated 1 day ago
Jan 4 2013 | 1:26pm ET
Prosecutors, regulators and the Federal Bureau of Investigation may be circling, by none of its kept SAC Capital Advisors' flagship from earning the title of most profitable hedge fund in the world.
Profitable, it must be said, not for its investors; in that realm, the International Fund only ranks 86th through October, according to Bloomberg Markets magazine. But since SAC has some of the highest fees in the industry, charging as much as 3% for management and 50% for performance, International earned the firm and its managers $789.5 million in the first 10 months of last year.
SAC is currently embroiled in an insider-trading scandal. A former portfolio manager has been accused of earning the firm $276 million trading on confidential information about Alzheimer's drug trials, and the investigation has reached all the way to the firm's top. Indeed, the case against Mathew Martoma, who pleaded not guilty, is the first to refer specifically to Cohen, and authorities have reportedly spent almost a year trying to get Martoma to turn on Cohen.
Both SAC and Cohen have denied any wrongdoing.
Viking Global Investors' Equities Fund placed second, followed by Och-Ziff Capital Management's OZ Master Fund, both far behind SAC International with profits of $456.5 million and $402.6 million, respectively.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.