Hours after the charges, Mr Cooperman suggested he could turn Omega into a family office. If the company’s management decides the regulatory challenges are too much of a distraction, they will voluntarily return money to investors. More than a third of the firm’s $5.4bn in assets, down by half from the peak in 2014, is money from its partners. If Mr Cooperman does take that route, he will have company. Mr Cohen is running a family office while he waits for his ban to expire.
As a reminder, Steve Cohen didn't convert SAC Capital into family office Point72 Asset Management because he wanted to be closer to his nieces and nephews, he did it because SEC said he had to.