Tuesday, 28 June 2016
Last updated 1 hour ago
Jan 14 2013 | 1:59am ET
Titan Advisors enjoyed a strong 2012, thanks in part to a hedge fund that won't be part of its portfolio going forward.
The $3 billion firm said its Masters International fund of hedge funds added 7.22% last year, its best year since 2009, Reuters reports. And one of the fund's roughly two dozen managers is SAC Capital Advisors—but Titan said last year it would redeem its investment with the hedge fund.
The move came as something of a surprise, given the close relationship between SAC founder Steven Cohen and Titan founder George Fox. And while the insider-trading cloud around SAC played a role in Titan's decision, the firm also is said to want to focus on smaller managers.
SAC, which manages $14 billion, returned 12% last year.
Titan has still not formally informed its clients that it is redeeming from SAC.