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Steve Cohen Gives The People What They Want

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Or at least one of the things on a wish list that includes a revealing 12-month wall calendar, Zamboni rides, a full deck of cards, karaoke night, an invite to the manse for spaghetti with anchovies, the opportunity to submit designs for the tattoo he'll be getting on his lower lumbar region, a remastered DVD of home video footage that features his conception, birth, and 3rd place finish in the 8 and under 25m butterfly, a lock of chest hair, one year as his foster child, and higher fees: a new fund.

SAC Capital Management LLC, the $14 billion investment firm founded by Steve Cohen, is opening a fund specializing in quantitative trading, its first new fund in six years, according to two people familiar with the decision.

The hedge fund will be managed by SAC’s 20 teams of so-called quant traders, who buy and sell stocks based on signals from computer models, said the people, who asked not to be identified because the Stamford, Connecticut-based firm is private. Current investors asked SAC to open the fund, which will launch in the third quarter, the people said. Quantitative investing makes up about 15 percent of the roughly $35 billion, including leverage, that the firm manages.

SAC Said to Open Quant Fund as Main Fund May Close to New Money [Bloomberg]