SAC Capital Advisors told investors in a letter Tuesday it received a government subpoena, according to a person who received the update from the hedge fund firm.
In the letter, SAC said the government served “extraordinarily broad” subpoenas on a number of investment managers of different sizes and descriptions, including SAC.
The subpoena does not focus on particular individual securities, sectors or strategies, SAC added.
The firm said the subpoenas don’t “shed much light on whom or what the government may be investigating.”
One focus appears to be on the use of consultants and soft dollars, SAC noted in the letter. SAC will respond to the government “in a professional and cooperative manner.”
“Neither the subpoena nor any other information of which we are aware suggests that anyone at SAC has engaged in any wrongdoing,” the firm added.
Earlier Tuesday mutual fund firm Janus Capital Group said it received an inquiry from US authorities running an insider-trading investigation that is seeking “general information” from the company.
Janus said it intends to cooperate fully with the authorities. “Janus does not intend to provide any further updates concerning this matter unless and until required by applicable law,” the firm said in a filing with the US Securities and Exchange Commission.
The inquiry stems from a three-year insider-trading investigation that saw government agents raid the offices of three large hedge funds on Monday, sending shock waves through the financial world.
In coordinated raids in New York, Connecticut and Massachusetts, Federal Bureau of Investigation agents seized documents at the offices of Level Global Investors LP, Diamondback Capital Management LLC and Loch Capital Management LLC.
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