Amidst tremendous regulatory scrutiny and the swirl of rumors, Stephen A. Cohen has seen the light, and closed his giant hedge fund to new investors.  SAC Capital Advisors, with $14 billion under management, has had a solid year with returns of about 10%.  That's a sharp contrast to other big managers, many of whom have had anemic returns.

The decision follows a wild turn of events for Mr. Cohen and SAC Advisors.  It's regularly been in the news as the federal government pursues its widespread investigation of insider trading on Wall Street, former firm managers pleaded guilty to insider trading - adding to the scrutiny of the firm, though it's not been accused of wrongdoing.  All of the hoopla has made  some investors cautious about putting money into SAC.  Others have been undeterred and, in the past 18 months, they've plowed about $1.5 billion into SAC.  The firm also is in the busy raising money for a new fund that will use a quantitative, computer-based trading strategy.  [Dealbook, 7/27/11]