SAC Capital, the once $US14 billion Stamford, Conn.-based hedge fund run by Steven A. Cohen, just got a new name.
SAC will be called Point72 Asset Management, Dealbook’s Matthew Goldstein reports citing an internal letter.
Last summer, SAC was criminally indicted on insider trading charges. Federal prosecutors charged the fund “with criminal responsibility for insider trading offenses committed by numerous employees and made possible by institutional practices that encouraged the widespread solicitation and use of illegal inside information.”
SAC pleaded guilty in November and agreed to pay a $US1.8 billion fine.
SAC also agreed to no longer manage outside capital. Instead, it will operate as a family office hedge fund and manage Cohen’s wealth and money of its employees, which comes to about $US9 billion in assets under management.
The fund was expected to pick a new name.
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