From NY Times’ Dealbook: SAC Capital Advisors, in Stamford,
Conn., was fielding requests for withdrawals from outside investors on Monday.For
most of the day Monday, a report about the investor exodus at the hedge fund
SAC Capital Advisors was the most-viewed article on the Bloomberg data
terminals that permeate Wall Street trading floors.
“…A major reason for the intense interest on Wall Street,
senior brokerage firm officials say, is a commercial one: SAC has generated
billions of dollars in revenues for brokerage firms over the years. Several
executives — all citing client confidentiality — said that the prospect of a
severely diminished SAC would hurt their bottom line, which has created fear
and anxiety on trading desks across Wall Street.
“This is going to have a significant impact to the Street,
full stop,” said a senior exec at a brokerage firm that counts SAC as one of
its largest clients. “It’s like that line in ‘Bonfire of the Vanities’: a lot
of golden little crumbs have fallen off of SAC, and now it looks like there
will be less of them….”
Read all about it at http://dealbook.nytimes.com/2013/06/03/wall-street-transfixed-by-an-sac-deadline/
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