Titan Advisors withdraws funds from SAC Capital - WSJ
Titan Advisors LLC has decided to withdraw all of its money from the hedge fund firm SAC Capital Advisors LP, the Wall Street Journal reported on Friday, as SAC faces scrutiny because of several employees linked to insider-trading charges.
It's unclear how much money Titan, an asset-management firm based in New York, had invested with SAC for its clients, although it has $3 billion invested in hedge funds overall, according to a March securities filing.
In its article, the Journal cited clients who said they were told that Titan would withdraw investments in SAC. The withdrawal is notable because Titan Advisors founder George Fox was one of the early investors in SAC Capital, the Journal said.
Fox did not respond to a voicemail message. A spokesman for SAC Capital said the firm did not have a comment.
SAC is run by billionaire Steven A. Cohen, and came to prominence in the late 1990s for its outsized returns. The firm has posted returns of roughly 30 percent a year since its inception.
But more recently, SAC Capital has garnered attention for employees' run-ins with regulators and criminal authorities investigating insider-trading on Wall Street.
On Friday, ex-SAC fund manager Mathew Martoma was indicted by a grand jury in New York, becoming the seventh former SAC employee to be charged or implicated in insider-trading schemes.
(Reporting By Lauren Tara LaCapra; Editing by Nick Zieminski)