SAC Capital Advisors executives told investors yesterday that its settlements with securities regulators - in which the hedge fund firm agreed to pay a record $616m penalty to end two insider trading cases - was a difficult decision that will help it to move forward.

During a conference call with clients, SAC president Tom Conheeney cautioned that the two agreements with the Securities and Exchange Commission wouldn't mark the end of the regulatory scrutiny that has shrouded the firm in recent years.