SAC Capital Cuts Staff
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Stevie Cohen
Top hedge fund, SAC Capital, run by Stevie Cohen, has had a tough couple months. SAC Capital results have reached over a double digit loss, approximately 12% to 15% YTD. Also, SAC ended up on the wrong side of the Volkswagen (OTCBB: VLKAY) trade didn't help improve the firm's results.
In the wake of the poor results, Steve Cohen responded by trimming staff. SAC is a hedge fund that is used to annual returns of between 20% and 30% and is known to give some of the most generous bonuses on the street. This news must be sending shock waves through the firm and to laid off traders who were looking to attain a job at a firm like SAC.
Although. SAC Capital Advisors is only down 12%, a bad bet on shares of Volkswagen prompted Stevie Cohen to cut staff. Fortune reported Cohen fired the team of seven PMs and analysts (no word of Ron Insana being included in the cuts) of CR Intrinsic Advisors, one of SAC's four primary portfolios, that reportedly ran $2 billion and some of Cohen's own money. Other losses in the portfolio include Atlas Pipleine Partners (NYSE: APL), Oreint-Express Hotels (NYSE: OEH), and Alliance Data Systems (NYSE: ADS).
Founded by Steven Cohen in 1992, SAC Capital is a group of hedge funds with $14 billion in assets.
Atlas Pipeline Partners, L.P. is a provider of natural gas gathering services.
Orient-Express Hotels Ltd. (OEH) is a hotel and leisure group focused on the luxury end of the leisure market.
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Alliance Data Systems Corporation (ADSC) is a provider of data-driven and transaction-based marketing and customer loyalty solutions.
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Comments
Bad bet
Cohen's probably one of the crybabies complaining that Porsche acted in secret, but it's his fault for betting that Porsche would not do exactly what it said it would do. Porsche was quite clear about their intentions, and people doubted them. When they did it, some people became losers and Porsche made lots of money, by following through on their word.
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awwww
Ken Grif. on Aug 4, 2009 03:27 PMpoor fat baby steve, when he f_cks everyone else he thinks he's a star. when he gets f_cked though he starts crying. poooo-pooo