Hedge Funds

SAC sticks investors with stiff NDA

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Steve Cohen's SAC Capital Advisors has taken the highly unusual step of asking prospective investors in its new SAC Multi-Strategy Fund to sign and return a nondisclosure agreement -- before even meeting with the firm to discuss the offering.

In a letter dated September 19, prospective investors were asked not to disclose information including, but not limited to, "past performance, assets, investment strategies or investment allocations, policies or other information relating to the Funds, SAC Capital Management, LLC, SAC Capital Advisors, LLC," its affiliates, officers or employees, among other things. Such information, the letter said, may be disclosed only