SAC Capital's Steven Cohen increases stake in RCAP

Billionaire's family office is boosting its holding in RCS Capital Corp. to 5%, according to regulatory filings.
NOV 18, 2014
Billionaire former hedge fund manager Steven A. Cohen, who now invests through his family office Point72 Asset Management L.P., has boosted his stake in RCS Capital corp. to 5.1%, according to a filing with the Securities and Exchange Commission on Monday. Mr. Cohen, who turned his hedge fund firm SAC Capital Advisors L.P. into his own family office earlier this year as part of a $1.8 billion settlement over insider trading charges, now indirectly owns nearly 3.4 million shares of RCAP, according to the filing. Stamford Conn.-based Point72 had owned 548,500 shares of the company as of Sept. 30. Real estate investment trust czar Nicholas Schorsch is the executive chairman of RCAP, a company that includes 9,100 registered reps and advisers affiliated under the Cetera Financial Group. A spokesperson for Point72 Asset Management, Jonathan Gasthalter, was not available for comment after hours. RCAP executives said last week that the company was looking to hire an adviser to investigate ways to increase shareholder value. RCAP shares are down about 38% since late October after American Realty Capital Properties, or ARCP, disclosed a $23 million accounting error that was intentionally not corrected over the first half of the year. The company's chief financial officer, Brian Block, who was also a former CFO of RCAP, resigned as a result. Both RCAP and ARCP are part of the vast business empire operated by Mr. Schorsch, who is also the former CEO and current chairman of ARCP and CEO of American Realty Capital, the largest nontraded REIT sponsor in the industry. Andrew Backman, a spokesman for RCAP, did not immediately respond to a phone call seeking comment after hours Monday.

Latest News

Trump's $500 ACA checks: should advisors care?
Trump's $500 ACA checks: should advisors care?

The rebate is political theater, but the healthcare cost crisis underneath it is very much an advisor problem.

Ugly fight between Mariner and advisor grows more foul
Ugly fight between Mariner and advisor grows more foul

It’s a ruthless competition for advisors right now, with buyers promising top dollar to advisors willing to sell.

Wealthtech vendors embed AI agents deeper into advisor workflows
Wealthtech vendors embed AI agents deeper into advisor workflows

Vanilla, SS&C and FinTurk are rolling out a mix of agentic and AI-assisted features aimed at planning gaps, client insights, and manual account monitoring.

Carson, Commonwealth veteran joins estate planning firm Hargrove
Carson, Commonwealth veteran joins estate planning firm Hargrove

David Haughton, formerly of Carson Group and Commonwealth Financial Network, takes on VP of engagement role at Hargrove MSO, a subsidiary of Hargrove Firm.

Advisors face fiduciary blind spot as PEP adoption accelerates
Advisors face fiduciary blind spot as PEP adoption accelerates

Retirement plan clients may not grasp what fiduciary duties they keep when joining a PEP.

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income