Tuesday, 28 April 2015
Last updated 15 hours ago
Apr 26 2013 | 1:09pm ET
It didn't work last time, but SAC Capital Advisors has again eased its redemption policy to stave off further redemptions.
Facing further redemption requests next month, SAC said it will allow investors to withdraw half of their money in both the third and fourth quarters.
"We are offering our investors additional time to make their decisions as we are hopeful that the next few months will bring greater clarity surrounding the resolution of pending regulatory matters," SAC President Tom Conheeney said.
Stamford, Conn.-based SAC made a similar move in advance of February's redemption request deadline. Normally, the firm allows investors to withdraw only 25% of their money each quarter; in February, it said it would allow investors who stuck with it then to pull one-third of their money in each of the remaining quarters of 2013.
The ploy did not work. Expecting just $1 billion in redemption requests, SAC was hit with almost $1.7 billion.
SAC recently won the tentative approval of a $602 million insider-trading settlement with the Securities and Exchange Commission. But the firm still faces further regulatory scrutiny, and last month saw senior portfolio manager Michael Steinberg arrested on insider-trading charges. Former SAC portfolio manager Mathew Martoma also faces such charges and is awaiting trial. Both men have pleaded not guilty.
SAC founder Steven Cohen is thought to be the chief target of the probes, but SAC has said it is confident he will not face charges.
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…