According to the WSJ’s Jenny Strasburg SAC Capital Advisors
late last year lost a potential investment from a Japanese bank that could have
landed the hedge-fund giant hundreds of millions of dollars to manage, a
setback for a firm under siege from government investigators and facing
significant client withdrawals.
Mizuho Financial Group 8411.TO -0.59% had discussed last
year making a major investment that could have brought as much as $500 million
to SAC, said people briefed on discussions with SAC executives and advisers. But the bank ultimately notified SAC that it
wasn't proceeding. By December, with scrutiny of SAC's trading practices
mounting, the firm's executives told advisers and others inside and outside the
firm that Mizuho's decision appeared final…..
SAC is preparing for clients to withdraw $1 billion this
quarter alone, according to people briefed on the firm's internal
conversations. A deal with one of Japan's biggest banks could have offset some
of those defections, while also helping SAC attract more clients and increase
its investment business in Asia, one person close to the firm said.
Wait…wait…there’s more at http://online.wsj.com/article/SB10001424127887323301104578256091604663254.html
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