Tuesday, May 21, 2013

SAC investors fleeing as Cohen faces prosecutors

Steve Cohen’s looming confrontation with federal prosecutors isn’t sitting well with his investors, according to a NY Post report.  His $15 billion hedge fund giant, SAC Capital, is expected to be hit with another round of withdrawals after prosecutors issued a flurry of subpoenas to force Cohen and other execs to testify in the government’s long-running investigation of the firm.

“We don’t need the headline risk,” said one SAC investor who is on track to fully redeem his funds from SAC by the end of the year. “If we could pull out faster, we would,” said this person.

Adding to investor agita, SAC disclosed last week that it is no longer planning to fully cooperate with the government’s probe or give investors updates on the investigation….

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