Saturday, 28 November 2015
Last updated 1 day 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.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…