SAC Capital | Steven Cohen | Hedge Fund Notes

SAC Capital Management

SAC Capital | Hedge Fund Notes

The following piece on SAC Capital Management and Myron Sholes (pictured left) is being published as part of our Hedge Fund Tracker Tool, our daily effort to track hedge funds in the industry.

Resource #1: (4.3.09) SAC Capital Advisors founder Steven Cohen is a notoriously secretive fellow. But for the next two weeks, he is inviting the public to enjoy 20 masterpieces from his extraordinary art collection with an exhibition at Sotheby’s in New York.

The show, which opens today, shows no signs of its hasty conception—the first discussion about it was held just six weeks ago, and it was assembled in just two weeks—focuses on female subjects, featuring such iconic pieces as Andy Warhol’s portrait of Marilyn Monroe and a legendary Willen de Kooning painting. It marks the first time that Cohen’s collection has been publicly exhibited together, although the hedge fund honcho has lent pieces to museums and other exhibitions in the past. source

Resource #2: (3.13.09) The names of famous works owned by Mr Cohen, America's 36th richest man, emerged as he announced he was to lend 20 paintings and sculptures to Sotheby's in New York for an exhibition in April.

The works, by artists including Willem de Kooning, Pablo Picasso and Lisa Yuskavage, all depict female subjects and aren't for sale, said Jonathan Gasthalter, Mr Cohen's spokesman. source

Resource #3: (2.2.09) The former CNBC news anchor Ron Insana appears to be done with his foray into the hedge fund business.

Mr. Insana has decided to leave his post at SAC Capital just six months after he was hired as a managing director, a person briefed on the matter told DealBook. Mr. Insana’s last day at the hedge fund giant, run by the billionaire Steven A. Cohen, will be Feb. 27.

Mr. Insana is planning to return to the media industry, this person said, but it’s unclear if he will be rejoining CNBC. Jonathan Gasthalter, a spokesman for SAC, declined to comment. source

Resource #4: (11.11.08) 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. Source

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Tags: SAC Capital, SAC Capital management, SAC Capital Hedge Fund, SAC Capital LP, Steven Cohen, SAC Hedge Fund, Steve Cohen Hedge Fund Manager, SAC Capital Hedge Fund Performance

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