Saturday, 30 August 2014
Last updated 1 day ago
Jan 28 2013 | 3:08pm ET
SAC Capital Advisors continues to put on a brave face as it battles insider-trading allegations and their fallout. But in spite of the firm's efforts to retain investors and employees, some cracks are beginning to show.
Citigroup's decision last week to remove SAC from one of its hedge fund platforms and to redeem $187 million in its private bank's client assets stung the firm, The New York Times reports. SAC has had a longstanding relationship with the bank, and the very public move, coming just weeks before SAC investors have to file their quarterly redemption notices, could encourage other investors to jump ship.
It is unclear whether SAC plans to retaliate against Citi by reducing or eliminating its use of the bank's services, the Times reports.
SAC spent yesterday trying to hold on to other major clients at its annual golf outing in Florida, in advance of the Morgan Stanley hedge fund conference.
But while SAC founder Steven Cohen, believed to be the ultimate target of federal investigators, may not have "looked worried" to Business Insider's Henry Blodget at Davos, the atmosphere at SAC remains tense, despite the firm's decision to boost bonuses for its traders.
"This has always been a stressful place to work," one anonymous SAC employee told the Times. "Now, it's just more stressful."
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...