Steve Cohen's SAC Said to Close Parameter Trading Unit
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SAC Capital Advisors LP, the hedge-fund firm that’s facing federal insider-trading charges and a money-laundering lawsuit, shuttered one of its trading units, according to a person with knowledge of the matter.
Parameter Capital, which was started by Anil Stevens and Glenn Shapiro three years ago to trade financial stocks, managed about $300 million, said the person, who asked not to be named because the information is private. Stevens, 41, plans to start his own firm and take as many as nine people with him, the person said. Shapiro won’t be joining Stevens in his new venture, the person said.