Saturday, 30 August 2014
Last updated 21 hours ago
Jun 10 2013 | 11:44am ET
SAC Capital Advisors' dire straits are trouble not only for the giant hedge fund, but also for two smaller firms linked to it.
SAC investors are thought to have moved to redeem about $4 billion last week from the firm, which is under an insider-trading cloud. Combined with $1.7 billion in redemption requests in February, the recent withdrawal requests will see the exit of substantially all of SAC's outside capital.
The losses are of course painful for SAC. But they could be even more so for two firms that serve as subadvisors to SAC, managing a portion of its $15 billion in assets under management, Reuters reports.
It is unclear how much Adams Hill Capital and Scopus Asset Management run on SAC's behalf. But they'll likely be getting redemption requests themselves from SAC, as it moves to repay redeeming investors over the course of the rest of the year.
Adams Hill manages about $450 million in assets. The firm was founded last year by former SAC manager Andrew Schwartz and three other SAC veterans.
Scopus is much older and much larger, running about $2.8 billion. The firm is headed by Alexander Mitchell, who formerly worked for Michael Steinhardt and who launched the firm in 1998.
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 ...