Saturday, 25 October 2014
Last updated 15 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.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
David and James Hamman launched their fundamental Livestock and Grains Program in March of 2010 but it really was decades in the making.