SAC LOYALIST: 'I Feel Like Will Smith In 'I Am Legend' When Everyone Else Has Died'

SAC Capital started the year with $US15 billion in assets, $US6 billion of which belonged to outside investors.
But a high profile insider trading probe has seen Steve Cohen’s embattled fund lose $US3 billion in the first half of the year from investors (the firm has resisted client pressure to return all the money before the end of the year).

Bloomberg reported that the firm expects to start 2014 with $US9 billion in assets, meaning that nearly all of the outside investors will have bailed en masse.

Nearly all, but not all. The Wall Street Journal found one SAC loyalist who isn’t going anywhere. And one is the loneliest number. From the Journal:

I feel like Will Smith in ‘I Am Legend’ when everyone else has died,” said Mr. Butowsky, managing director of Chapwood Investments LLC, an adviser to wealthy clients on hedge-fund and other investments. “I’m the last man standing.”

While Butowsky isn’t seeking a payout, many of SAC’s other major clients like Blackstone already headed for the exits, the Journal reports. As a result, SAC executives have weighed the possibility of turning the fund into looking more like a family office.

Read the full report at the Wall Street Journal>

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