Friday, April 26, 2013

SAC Capital to "Give Clients More Time" on Withdrawals

That Stevie Cohen is all heart!  Bloomberg reports that Cohen’s SAC Capital Advisors LP is giving more time to investors to decide if they want to pull their money from the firm’s hedge funds, according to a person with knowledge of the plan.  The firm, based in Stamford, Connecticut, is giving clients the opportunity to withdraw 50 percent of their fund stakes in each of the third and fourth quarters, said the person, who asked not to be named because the information is private.

 “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,” Tom Conheeney, president of SAC Capital said in a statement, which didn’t provide details on the fund redemption terms….

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