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UPDATE 1-Cohen's SAC Capital has 5.4 pct passive stake in Gogo Inc
March 6, 2014 / 10:35 PM / in 4 years

UPDATE 1-Cohen's SAC Capital has 5.4 pct passive stake in Gogo Inc

March 6 (Reuters) - SAC Capital Advisors, the investment manager founded by Steven A. Cohen, said on Thursday it has taken a 5.4 percent stake in Gogo Inc, a provider of in-flight Wi-Fi service.

SAC said in a regulatory filing it now owns 4.5 million shares in the company. Investment managers are required to make a regulatory filing if they own more than 5 percent of a company.

Cohen’s SAC Capital Advisors pleaded guilty to insider trading late last year and is now transforming itself into a family office which will manage only Cohen’s personal fortune, which was recently estimated by Forbes magazine at $11 billion.

The firm returned capital to outside investors in January after more than two decades as one of the industry’s best-performing hedge funds.

Gogo’s shares dipped 0.2 percent to close at $24.29 on Thursday, a day after gaining 12.2 percent in heavy trading.

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