Among the better-performing funds are those that were started in the past several years by former disciples of Steven A. Cohen, the billionaire investor who founded SAC Capital Advisors. One is Jason Karp, whose Tourbillon Capital Partners, a $2.9 billion fund, is up 18.44 percent in its main portfolio, said a person briefed on the firm’s performance. Mr. Karp, 38, who worked for Mr. Cohen for nearly four years, created Tourbillon in 2012. And he is not the only former SAC trader enjoying what has been a long, hot summer for hedge funds. Aaron Cowen’s Suvretta Capital Management, a $2 billion hedge fund, is up 7 to 9 percent in its main funds, said a person briefed on that firm’s performance. And Melvin Capital, a roughly $1 billion firm that Gabriel Plotkin founded last year, is up nearly 20 percent, said a person briefed on the matter. [Dealbook]
Steve Cohen Bought Himself A Little Pick-Me-Up
As you may have heard, the last number of months have been a bit tough on hedge fund manager Steve Cohen. In November, one of his former employees, Mathew Martoma, was accused of orchestrating "the most lucrative insider trading scheme ever," in a criminal complaint in which Cohen was referenced as Portfolio Manager A. A week later, the Times lopped 21,000 square feet off his house. Earlier this month, he had the pleasure of setting the record for the largest insider trading fine ever, at $614 million, a sum that does not even put this whole thing behind him, as the settlement "doesn't preclude the Securities and Exchange Commission from pursuing Cohen himself in the future." So you'll excuse the Big Guy if he felt the need to indulge in a little retail therapy recently.
Steve Cohen Did Pretty Well For Himself Last Year
The end of 2012 might've been a tough one for the SAC Capital founder, what with the matter of a former employee being accused of orchestrating “the most lucrative insider trading scheme ever," being referenced in the complaint as Portfolio Manager A, and ultimately being forced to show the softer side of Steve but the Big Guy still managed to take home $1.3 billion, so he's got that going for him.
Fire Up The Super Duper Weenie Truck: Steve Cohen's Got A Party To Plan
It's the happiest of holidays up in Stamford, CT.