Monday, 27 April 2015
Last updated 2 hours ago
Jan 2 2013 | 3:46pm ET
Scandal-tarred SAC Capital Advisors ended 2012 with a vote of confidence from one major investor, even as another firm moved to pull its clients' money.
The Blackstone Group is not planning to redeem its $550 million with SAC, Reuters reports. The alternative investment giant has had three talks with SAC executives in the wake of the arrest of a former portfolio manager on insider-trading charges in November, and word that SAC itself was likely to be sued by the Securities and Exchange Commission.
"I am unaware of any representation by Blackstone that they are pulling out" of SAC, a lawyer representing a Louisiana pension fund invested with Blackstone told Reuters.
Blackstone's investment makes up about 9% of SAC's assets under management.
Titan Advisors is going the other way. The firm, which has invested with SAC since the mid-1990s, is redeeming its entire investment.
"They've told us they still think SAC is a good firm but Titan doesn't need the headline risk, and we sure don't," Tony Taneyhill, executive director of the Fire & Police Employees' Retirement System of the City of Baltimore, a Titan investor, told The Wall Street Journal.
It is unclear how much Titan has invested with SAC; in total, it has about $3 billion invested with hedge funds.
SAC investors have until the middle of next month to submit redemption notices.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…