Tuesday, 2 September 2014
Last updated 1 hour ago
Nov 5 2013 | 8:11am ET
At least for now, SAC Capital Advisors is not wanting for banks.
The hedge fund giant, which yesterday agreed to plead guilty to insider-trading charges, is still doing business with many of the biggest financial firms in the U.S., including Bank of America, Goldman Sachs, JPMorgan Chase and Morgan Stanley, Bloomberg News reports. Each continues to provide trading and prime-brokerage services to the firm, which will pay a $1.8 billion fine and which will cease to manage outside capital.
It remains unclear which, if any, of the banks will continue to service SAC after it pleads guilty and becomes a family office, managing founder Steven Cohen's fortune. Goldman Sachs CEO Lloyd Blankfein in September explained that his firm continued to do business with SAC both at the urging of prosecutors, who reportedly did not want SAC to collapse prior to a conviction, and because they had only been indicted.
SAC's settlement agreement still requires the approval of two federal judges, and the hedge fund can back out of the deal if either seeks to impose harsher penalties.
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 ...