The Morning Brief: Three More Managers Leave SAC
The mass exodus continues from SAC Capital Advisors, according to the New York Times. Three London-based portfolio managers have left the Stanford, Connecticut firm, which faces criminal charges for allegedly engaging in illegal insider trading, the paper reported on its DealBook blog. The three individuals are Alidod Shirinbekov, Woei Chan and Paul Crouch, according to the report, citing documents filed with a British agency that tracks corporate registrations.
Daniel Och’s OZ Master Fund, run by his New York-based hedge fund firm Och Ziff Capital Management, posted a 1.83 percent gain in September. As a result, it is up 9.65 percent year-to-date. The OZ Europe Master Fund gained 1.38 percent in September and is up 7.68 percent so far this year. Total assets at the firm increased by $800 million over the past month, to $37.8 billion, an increase of more than 2 percent. That suggests some of the asset increase came from new money rather than just investment gains.
Brevan Howard’s BH Macro was up a slim 0.30 percent in September. For the first three quarters the London-listed vehicle, which invests in the firm’s Brevan Howard Master Fund, is up only 1.76 percent.
Jeffrey Smith’s New York-based hedge fund Starboard Value has reduced its stake in SeaChange International to 6.8 percent from 7.9 percent, according to a regulatory filing. The company, which makes video software, was never a significant holding in the activist hedge fund manager’s $1.4 billion stock portfolio.