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Bloomberg News reports that billionaire hedge fund manager Steve Cohen is said to be considering a deal that would shut his Stamford, Connecticut-based SAC Capital to outside investors.
He's also considering returning outside investor money and turning SAC into a family office, Bloomberg reports citing an unnamed source familiar with his thinking.
The firm has about $15 billion in AUM. About $9 billion of that belongs to Cohen and SAC Capital employees. The rest is outside investor capital.
It's known that Cohen is the ultimate target of the Securities and Exchange Commission and the Department of Justice's crackdown on insider trading.
In the insider trading case against former SAC portfolio manager Mathew Martoma, Cohen has been identified as "Portfolio Manager A."
Even though he has been implicated, he has not been charged with any wrongdoing. He may never be charged. He has maintained that he acted appropriately.
What's more, is under the statute of limitations for insider trading, if the government were going to bring additional charges in this particular case they would have to do so by mid-July.
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