Billionaire investor Steven A. Cohen's SAC Capital Advisors is ending its life as a hedge fund with a 20.1% gain this year, marking one of the industry's best returns even after SAC pleaded guilty to insider trading charges, a source familiar with the numbers said.
Reuters reports that Cohen reported the number to outside investors on Monday as he prepares to stop managing money for wealthy clients after his firm last month agreed to plead guilty to insider trading and pay a $1.2bn penalty. One of the conditions of the plea agreement is that Cohen must wind down the business of managing money for outside investors.
The fund said it gained a net 1.88% between December 1st and December 27th, the source said.
The number, although not final for the year because it does not include returns made on the last two days of the year, puts SAC among the $2.5tril hedge fund industry's best performers for 2013.
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