Unfortunate news for the legions of Steve Cohen groupies dying to have the hedge fund manager sign their tits and/or invest** with SAC Capital-- despite some wishful thinking by a few haters in the industry that he'd be negatively affected by the Feds going after a few pissant former employees for insider trading, investors have continued to throw money at the Big Guy, so much so that he's going to have to break a few hearts.
Steve Cohen of SAC Capital Advisors is officially closing his flagship fund, beginning August 1. It is being called a “soft close,” but the distinction from a hard close is not obvious. It will no longer accept additional money from new investors or existing investors. “I love it,” proclaimed one SAC investor, who prefers his funds not grow too large, especially from hot money that tends to bail out of funds in general at the first whiff of underperformance.
Sorry, ladies. Just not enough Steve to go around at this time.
**A lot more overlap here than you'd think.