Reputation is everything, it seems. So while others are closing shop, the likes of SAC, Greenlight, Elliott Management and Brevan Howard Asset Management have raised billions. Of course, Stevie Boy isn’t taking money until January, since his idiot portfolio managers forced him to close most of SAC’s operations in disgust earlier this month.
Just a guess, but do you think Bloomberg has it right? Do high water marks have anything to do with it?
SAC’s Cohen, Einhorn Raise Money as Most Hedge Funds Shrink [Bloomberg]
Comments (5)
Leave a comment
You can log in with your account or comment as a guest below.
Where do I send the $$$$?
oh please. Easiest. Decision-Tree. Ever.
1. Keep funds closed. No incentive fee until all losses are recouped. Risk PMs leaving. I don’t make much.
2. Open funds. Get incentive fee on new money. PMs are happy. I make bank.
3. Replace funds that are leaving, need to replace with new cash to buy undervalued assets.
4. See 2 above.
SAC Int’l Ltd accepted money last fall from existing investors. Perhaps there is some subtlety to the word “accepted” as used by Bloomberg that I am missing here.
Cash Rules Everything Around Me