Tuesday, 5 May 2015
Last updated 2 hours ago
Dec 13 2013 | 3:29pm ET
SAC Capital Advisors overhaul could include a new name for the legendary hedge fund, which is becoming a family office in the wake of its guilty plea on insider-trading charges.
The Stamford, Conn.-based firm is in the process of returning outside capital, and will then manage only founder Steven Cohen's money and that of his employees. But it may not do so under its current brand.
SAC has held internal discussions about a name change, The Wall Street Journal reports. It is unclear what potential names are under consideration, or when a rebranding might come.
Should SAC get a new name, it will only be one of the major changes at the firm. SAC is also mulling whether to cut back on some of its relationships with investment banks. SAC currently has relationships with nine prime brokers, and is likely to end some of them. One that is probably on the chopping block is Deutsche Bank, which withdrew a $100 million credit line to the hedge fund after its indictment.
That move irritated SAC officials, the Journal reports.
Still, SAC brass is already looking forward to a time when it will be able to manage outside capital again. SAC President Tom Conheeney and managing director Michael Sullivan have told clients to expect a "SAC 2.0" that would manage outside capital again. That, of course, will be dependent on whether and for how long Cohen is barred from managing outside capital; the Securities and Exchange Commission is seeking to ban him from the securities industry and would have to approve a new investment-adviser registration.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…