This content is from: Portfolio

The Morning Brief: SAC Loses its “Last Man Standing”

Steve Cohen suffered another blow when Ed Butowsky, one of the few remaining outside investors and the self-proclaimed “last man standing” submitted a request to withdraw money from SAC Capital Advisors. Dallas-based Butowsky, who manages money for wealthy families, told The Wall Street Journal he is removing his personal captial as well as that of his clients. Earlier this month, he told the paper he felt “like Will Smith in ‘I Am Legend’ when everyone else has died. … I am the last man standing.”

Michael Karsch, who is liquidating his $1.3 billion hedge fund, Karsch Capital Management, is planning to launch a consulting business, according to people familiar with the matter. He is also reportedly about to land a top-shelf client, retired hedge fund legend Stanley Druckenmiller.

Ken Griffin’s Citadel Advisors has taken sizable passive positions in two separate stocks, according to 13G filings. The Chicago firm reported a 5.3 percent stake in Adtran, a telecom equipment maker. Citadel also said it owns 5.1 percent of Zumiez, which operates retailers under the Zumiez and Blue Tomato names.

Steve Cohen’s SAC Capital Advisors disclosed a 5.5 percent passive position in NQ Mobile, a mobile security software company.

Shares of J.C. Penney plummeted another 2.8 percent, to close at $12.40.

Related Content