Cohen's SAC Capital up 13 percent for year -source
NEW YORK, Sept 25
NEW YORK, Sept 25 (Reuters) - Steven A. Cohen's SAC Capital Advisors hedge fund continues to post strong returns this year even as it deals with a criminal indictment charging the $14 billion fund with being a breeding ground for insider trading.
A source familiar with the firm said Cohen's fund was up about 13 percent this year as of last Friday and has had a particularly good September.
The average hedge fund was up about 4 percent as of the end of August.
In July, federal prosecutors indicted Cohen's firm, saying it fostered a culture where employees flouted the law and were encouraged to tap their personal networks of contacts for inside information about publicly traded companies.
Meanwhile, SAC Capital and federal prosecutors have opened preliminary settlement talks in an attempt to resolve the criminal indictment against the firm, said two sources familiar with the matter.
SAC had no immediate comment.
- Missing jet may have strayed toward Andaman Sea: Malaysian air force |
- NYC buildings explosion kills 2, more missing
- Malaysia military source says missing jet veered to west |
- Exclusive: EU approves framework for asset freezes, travel bans on Russia
- EU moves towards travel bans, asset freezes for Russians |