|What’s a hedge fund manager to do after the SEC forces it to stop operating? According to Bloomberg news, reorganize. Billionaire Steve Cohen, formerly of SAC Capital Advisors, which Cohen had to close down last year is making a fresh start. |
As reported earlier, Cohen is continuing to manage his own assets through a reorganized version of SAC, which is named Point72 Asset Management. Most recently, Cohen announced plans to create another brand new unit, soon to be known as Rubric Capital. In an inside memo obtained by Bloomberg News, Rubric Capital will be led by David Rosen, formerly of SAC Capital Advisors.
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Rubric Capital will focus on undervalued securities, while trading across varying asset classes searching for undervalued diamonds in the rough. It will also allow two magic money managers, Steve Cohen and David Rosen to reunite for the good of their own fortunes.