Ex-SAC Trader Stefan Frank Shutters His Hedge Fund FISAM Capital After Massive Redemption


Photo: Tommy Ironic on Flickr

Stefan Frank, a former portfolio manager at SAC Capital, launched his own fund in 2009 after he left Steve Cohen’s firm in ’08.FISAM Capital is now shuttering because of one large redemption, Matthew Goldstein at Reuters reports.

FISAM is a tech-focused hedge fund.

The firm closed a few weeks ago after one significant investor took their money, and because the fund managed just under $100 million, Frank “found it difficult to keep trading.”

Frank worked for Steve Cohen for almost 10 years, overseeing a $500 million portfolio comprised mainly of tech stocks.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.