Cohen's SAC ends life as hedge fund with double-digit returns

Billionaire investor Steven A. Cohen's SAC Capital Advisors is ending its life as a hedge fund with a 20.10 percent gain this year, marking one of the industry's best returns even after SAC pleaded guilty to insider trading charges, a source familiar with the numbers said. Cohen reported the number to outside investors on Monday as he prepares to stop managing money for wealthy clients after his firm last month agreed to plead guilty to insider trading and pay a $1.2 billion penalty. The number, although not final for the year because it does not include returns made on the last two days of the year, puts SAC among the $2.5 trillion hedge fund industry's best performers for 2013. The returns, possibly the last that outside investors with Cohen will see, are sure to mark a high point in an otherwise tough year for SAC.

by via Yahoo! Finance: Top Stories