Steven A. Cohen’s once $US14 billion namesake hedge fund SAC Capital Advisors is going to change its name very soon.
According to DealBook’s Ben Protess and Alexandra Stevenson report, the hedge fund is finalising plans to change its name and corporate structure by mid-march.
Cohen will remain the CEO of the fund.
Following an insider trading scandal, SAC Capital will operate as a family office and it will no longer accept outside capital. The fund will have about $US9 billion AUM.
In November, SAC pleaded guilty to criminal insider trading charges. The fund also agreed to pay a $US1.8 billion fine.
Feel free to sound off in the comments section with ideas for a new name for SAC Capital. We also suggest using the Hedge Fund Name Generator if you need any help thinking of names.