Steve Cohen is just one of almost 70 hedge fund managers who will be making a pitch at Yankee Stadium tomorrow. But these pitches don’t have anything to do with baseball. It’s the Goldman Sachs Fifth Annual U.S. Hedge Fund Symposium, where hedge funders are pitching their investment ideas to new investors.
The New York Post’s Michelle Celarier reported today that in addition to Cohen, Pershing Square’s Bill Ackman, Maverick Capital’s Lee Ainslee and Saba Capital’s Boaz Weinstein are also expected to appear tomorrow at Yankee Stadium.
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Cohen’s presence at tomorrow’s symposium is especially important in light of the record $600 million settlement his SAC Capital must pay in connection with insider trading charges. The fund has just been reopened to new investors after that settlement.
Numerous investors have pulled out of the hedge fund since the allegations surfaced, although others, like The Blackstone Group L.P. (NYSE:BX) kept their money in the fund during a good part of the investigation. In spite of the federal investigation, SAC Capital managed to post a 4 percent gain through the first part of March.
At least 500 investors were invited by Goldman Sachs Group, Inc. (NYSE:GS) to attend the symposium and they’ll get a chance to meet the hedge fund managers. Investors can sit down in small groups with the managers to learn more about their strategies. They’ll be able to meet with no more than eight managers as drawn through a lottery system. The names of the money managers will show up in the luxury boxes on the scoreboards.