FISAM Capital is no longer.
Reuters' Matthew Goldstein reports that the tech-focused fund has been forced to close up shop after a single large investor redeemed its money.
Stefan Frank, a former portfolio manager with Steven Cohen's SAC Capital Advisors, founded FISAM in November 2009. The fund managed a little under $100 million, and after Frank received the redemption request he found it difficult to keep trading, these sources said.
Apparently the firm saw a 6 percent gain since inception, meaning the SEC, which yesterday announced plans to cavity search anyone beating the market by 3 percent, will be giving them a pass.