Sunday, 28 August 2016
Last updated 1 day ago
Sep 26 2013 | 11:24am ET
If SAC Capital Advisors founder Steven Cohen is nearing the end of his hedge-fund career, he's going out strong.
Stamford, Conn.-based SAC is up about 13% through last Friday, Reuters reports. The firm is having a particularly strong September, the news agency's source added.
In July, SAC was indicted on criminal insider-trading charges. The firm is reportedly in talks with prosecutors about a plea deal, one which could bar SAC from managing outside capital. Either way, the firm is unlikely to have much left: Investors have filed redemption requests for substantially all of their money with the firm, about $5 billion of its $14 billion in assets under management. All of the redemptions will be paid out by the end of the year.
SAC's double-digit returns compare much more favorably with the broader markets than does the average hedge fund, which was up in the low single digits through August. The Standard & Poor's 500 Index is up more than 18% this year.