Monday, 30 March 2015
Last updated 2 hours ago
May 23 2013 | 12:34pm ET
Facing possible criminal charges and mulling whether to return all outside money, SAC Capital Advisors could suffer even more redemptions next month than the $1.7 billion it saw pulled in February.
Withdrawals are expected to accelerate at next month's redemption date, the New York Post reports. SAC has again relaxed its policies, which normally permit investors to pull only a quarter of their money per calendar quarter; instead, investors who do not redeem next month will be permitted to pull half of their money in each of 2013's remaining quarters.
SAC has also pushed its redemption date, which was to be May 16, back to June 3.
The $15 billion hedge fund made the same move in February, but still saw some 70% more redemptions than it expected. At the time, it was battling only criminal cases against a former portfolio manager; now, prosecutors are considering insider-trading charges against the firm itself, possibly as a criminal organization, and firm founder Steven Cohen reportedly may offer to turn the firm into a family office in exchange for a deferred-prosecution agreement.
One major investor, the Blackstone Group, has stuck by SAC so far. But the alternative investments giant is pulling about half of the $550 million its clients have with SAC. And the firm is in talks with other investors, and may still make additional redemption requests, according to the Post.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
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…