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Reputational Damage Strikes As Goldman 'Benches' Cooperman's Omega Advisors
Yet another example of the pains of Reputational Damage. Whatever happened to "innocent until proven guilty?"
Leon Cooperman's Omega Advisors will no longer manage Goldman Sachs employees' retirement money, after the hedge fund was charged with insider trading. The retirement committee that oversees Goldman's $6.6Bn program decided to discontinue the Omega investment option on its 401(k) platform. Omega had overseen about $300Mn of Goldman employee investments.
Back on 9/21,Mr. Cooperman and his $5.4Bn hedge fund were charged with insider trading in one of the highest-profile cases since Steven Cohen's SAC Capital pleaded guilty to illegal trading 3 years ago. The SEC alleges that Cooperman "generated substantial illicit profits" of $4.1Mn by buying securities in Atlas Pipeline Partners on the basis of inside information provided by a senior executive of the company. Mr. Cooperman denies the charges.
Omega had been one of 3 options for Goldman Sachs employees that was managed by external hedge funds, alongside Maverick and Och-Ziff. But Goldman Sachs pulled its money from Och-Ziff, which just settled with regulators over foreign corruption charges. violations of anti-corruption laws. Both Daniel Och and Leon Cooperman are Goldman Sachs alumni.
