Wednesday, 1 October 2014
Last updated 8 hours ago
Nov 11 2008 | 4:43am ET
Hard times are hitting SAC Capital Advisors, and the hedge fund giant is tightening its belt.
Greenwich, Conn.-based SAC plunged 11% last month, leaving it down 18% this year, and leading founder Steven Cohen to liquidate half of the firm’s equity holdings last month. Now, he’s slashing jobs, as well as portfolios.
Last week, Cohen dismissed a team of seven portfolio managers and assets, Fortune magazine reports. The job cuts come at CR Intrinsic Investors, one of the firm’s four main portfolios, which was especially hard hit in October, including a bet against German carmaker Volkswagen, which rallied on the news that Porsche was seeking to gain a majority stake in VW.
Fortune reports that CR Intrinsic will remain open, but is undergoing a “reorganization.”
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...