Bercy nor the Ministry of SMEs are in sales at the reporting stage mail hotline etcAnd the Department lost Sunday energy and of the sea issuesA decision on appeal is expected tomorrowon TF1 France 2 and Canal for approximately a thirty hourAwareness is made but step implementationBut they are now questioning the procedureThese concerns are shared by other investorsA marked desire to renew 100 personal decisionAs any grant it is not economically viableThe "star" of the hedge fund SAC Capital is surrounded by the investigators of the FBI and the SEC (Securities and Exchange Commission). Two days after the scoop of the Wall Street Journal announcing a broad net kick aimed at strengthening the Suppression of the Insider on Wall Street, searches are growing in the State of Connecticut, where a large part of us hedge fund has elected home. After the FBI Searches operated Monday to the seat of Level Global Investors, Diamondback Capital Management, based in Connecticut, and Loch Capital Management in Boston, two other funds: Wellington Management Co., based in Boston, and Janus Capital Group, resident of Denver received requests for information from the federal authorities.
According to the Bloomberg Agency, SAC Capital Advisors, funds of billionaire Steven Cohen, would also be covered by investigators. "It seems that there is an interest for some"traders"who have previously worked for SAC Capital," said John Coffee, Professor of finance at Columbia University to Bloomberg. In fact, Level Global Investors and Diamondback Capital have been created by former employees of SAC Capital. Some analysts do not exclude that investigators seeking information on the potential beneficiaries of insider by encouraging recipients of information requests to cooperate. This American regulators provocative operation is part of the severe screw round announced by the Attorney General for the district of Manhattan, Preet Bharara, a few weeks ago, who decided to make offences of insider priority target white-collar crime.
According to the Wall Street Journal, the SEC and the FBI investigations affect at least 30 Fund and a plurality of financial intermediaries (consultants, analysts, bankers) working as a network. Wellington Management mutual fund also received a request for information from the investigators, which tends to show that the investigation will not limited to the sphere of hedge funds.
Networks of experts
Established in 1992, the SAC Capital funds led by Steven Cohen (12 billion dollars in assets), displays the best performance of the sector with a rate of annual average return of 30 over 18 years. At this stage, it is the subject of no prosecution. Most of the targeted funds have announced their intention to cooperate with investigators by specifying making any illegal transaction. But the SEC redoubt that resort, more and more frequent, networks of experts ("expert networks"), Primary Global Research or Broadband Research, which provide consultants with remuneration for fund information managers, has encouraged a 'endemic culture of Insider ". Other observers see it as a "political signal" that could announce a tour of screws to regulate hedge funds which have so far largely escaped the financial reform.
The investigation comes a few weeks after the arrest, at Boston, the doctor French Yves Benhamou, accused of participating in an insider trading involving the Fund speculative FrontPoint Partners, recently sold to the founders by Morgan Stanley. FrontPoint, which is the subject of any action at this stage, has decided to close its funds in the health sector after one of its managers was suspected of receiving some inside information on tests of Albuferon drug marketed by the company Human Genome Sciences.
