The evidence that brings Mr. Cohen into the case centers on the unknown content of a 20-minute telephone conversation between Mr. Martoma and Mr. Cohen the night before SAC began aggressively selling off its large positions in Elan and Wyeth.
Moreover, while SAC dumped its large positions in the two stocks quickly — raising the question of what prompted it to do so — Mr. Cohen is known for a rapid-fire trading style.
Typical of one of its large positions, for instance, was a company called Fidelity First Financial Corp. that had no operations and no reported revenue in 2001 and 2002, had huge losses, and assets (as of Dec. 31, 2002) of $25,000.
Analysts at Killik & Co said: We understand that 3i Infrastructure is the largest position within the Hermes [portfolio] and that the motive for selling is a combination of raising liquidity and reducing its largest position.
The Oppenheimer managers propped up the value of its largest position, a stake in a fund called Cartesian Investors, according to the regulators.
The $166 million Value Line Aggressive Income fund, for example, has its largest position in the Trump Atlantic City of 2006.
For IFIL which now has $8.9 billion in assets the deal represents its largest position in the United States at present, and, through Cushman & Wakefield's client roster, a doorway into American corporate boardrooms where it may not already have access.
Although the fund has taken some profits on the stake, Canary Wharf remains one of its largest positions.
Some of its largest positions include German insurance firm Allianz, Swiss banks UBS and Credit Suisse, and drugmaker Novartis.
Among its largest positions: leading financial services,insurance and telecommunications companies Standard Bank Group (10% of portfolio), Old Mutual (7%) and MTN Group (7%).
