Tuesday, 21 April 2015
Last updated 3 hours ago
Jun 4 2013 | 12:03pm ET
It is no exaggeration to say that Wall Street and the whole of the hedge fund industry are waiting with bated breath to learn the scale of the second-quarter redemptions at SAC Capital Advisors—and how the $15 billion hedge fund will react to them.
SAC clients had until yesterday to submit redemption notices. The Stamford, Conn.-based firm, which is facing possible criminal charges stemming from an insider-trading probe, is said to be expecting withdrawals of $3.5 billion, well over half of its remaining outside capital.
The big redemptions, following the $1.7 billion pulled in February, could see the hedge fund cut staff and close offices, Reuters reports. SAC currently employs about 1,000 people, and has offices in New York, Boston, Beijing, Hong Kong, London, Singapore and Tokyo.
Any job cuts are likely to hit middle- and back-office staff hardest. If firm founder Steven Cohen chooses to transform SAC into a family office and to return all outside capital, he could cut the roughly three dozen marketing and business development staffers, as well as cutbacks to the 130 people who work in finance and accounting.
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…