It's a wonder that SAC Capital
is still alive.
Hedge-fund giant SAC Capital Advisors is reportedly steeling
itself for an exodus of at least $1 billion in client funds as investors fear
ongoing pressure from the U.S.
and the Securities and Exchange Commission.
A large withdrawal from clients could further raise the pressure on SAC Capital
and its founder Steve Cohen just weeks after the SEC sent the hedge fund a
so-called Wells Notice, indicating it is the target of a formal investigation.
According to The Wall Street Journal, SAC execs have been
warning advisers and senior employees to expect client withdrawals of at least
$1 billion, representing almost 17% of the money the hedge fund manages for
outside investors. SAC also manages about $8 billion that belongs to Cohen and
the hedge fund’s employees…..
Read more: http://www.foxbusiness.com/industries/2013/01/11/report-sac-could-be-hit-with-1b-in-client-withdrawals/#ixzz2I4TGiv4W
No comments:
Post a Comment