Thursday, May 23, 2013

A Money Manager In Texas Is Upset That He Can't Give SAC Capital More Of His Money

 From  BI: As federal prosecutors circle Steven A. Cohen's $15 billion hedge fund in a long-running insider trading probe, one financial adviser in Texas is so devoted to the billionaire investor that he may give him more money.

"I'm thinking about putting more money with him," said Ed Butowsky, managing director at Chapwood Capital Investment Management, who manages $1 billion in client money. The Dallas-based adviser did not say how much his wealthy clients have invested with Cohen's SAC Capital Advisors, but said the figure tallies into the tens of millions.  "Stevie Cohen is the Michael Jordan of hedge fund managers," Butowsky said, comparing the billionaire trader's success in the markets to the feats of the legendary professional basketball star. "I'd be a fool to take out money."

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