Bloomberg reports that as part of a restructuring in the wake of the criminal case, SAC is examining its ties with some Wall Street banks that help finance and manage its trades, the newspaper wrote, citing unidentified people familiar with the matter. Deutsche Bank’s decision irritated SAC officials, and the prime-brokerage relationship is among those under review, the Journal said, citing people with knowledge of the companies’ talks.
SAC’s billionaire founder, Steven A. Cohen, is rebuilding the company into a 'family office' that will manage his and employee money only. The hedge-fund firm may change its name as part of the overhaul, the Journal said. SAC will probably keep relationships with Goldman Sachs, JPMorgan and Morgan Stanley, which handle most of its prime-services business, the newspaper said.
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