Former SAC Capital Advisors LP portfolio manager Mathew Martoma is scheduled to go on trial Nov. 4 on charges he helped the hedge fund founded by Steven A. Cohen make $276 million using illegal tips about a drug to treat Alzheimer’s disease.
The U.S. Securities and Exchange Commission will seek comment on a proposal that would impose a floating-share value on the riskiest money-market mutual funds or allow them to suspend redemptions in times of stress.
James Tisch, who invests in hedge funds to boost returns at Loews Corp., said he avoids managers with the largest pools of money and sleeps better at night knowing he doesn’t face the same prospect of client withdrawals.
Steven A. Cohen may be left with less than $1 billion from outside investors, down from $6 billion at the start of the year, after today’s deadline for withdrawals from his SAC Capital Advisors LP, according to four people with knowledge of the situation.
Level Global Investors LP was ordered to pay more than $21.5 million for illicit profit the fund earned from the insider trading of its co-founder, Anthony Chiasson, who was convicted at a trial in New York.