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

Merrill lands four advisor teams as May recruiting data shows firm's two-way churn
Merrill lands four advisor teams as May recruiting data shows firm's two-way churn

Merrill's latest hires span Colorado to Louisiana, even as industry-wide recruiting data suggests the firm is losing almost as many advisors as it gains.

Fund manager sues Kandeo, alleges $100 million FinSocial loss
Fund manager sues Kandeo, alleges $100 million FinSocial loss

The $36 million buy allegedly hid inflated books and a $50 million diversion.

Advisor gets $200,000 from Ameriprise in 'emotional distress' lawsuit
Advisor gets $200,000 from Ameriprise in 'emotional distress' lawsuit

“An award citing emotional distress is very unusual,” an industry executive said.

Workplace financial education linked to stronger financial habits, but participation remains low
Workplace financial education linked to stronger financial habits, but participation remains low

New EBRI research found workers who participated in employer financial education reported higher confidence, literacy and financial satisfaction.

The rise of the super advisor: How AI is redefining competitive advantage in wealth management
The rise of the super advisor: How AI is redefining competitive advantage in wealth management

Beyond operational excellence, the winning advisors of the future are the ones who can reach across multiple disciplines without discarding specialist skills.

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