Private equity and hedge fund firm Blackstone Group is not in a rush to redeem its $550 million investment from troubled firm SAC Capital Advisors.
Reuters reported that Blackstone, which is Connecticut-based hedge fund SAC Capital's largest outside investor, is sticking with the hedge fund despite that seven current and former SAC employees have been charged or implicated in an ongoing insider trading probe by the U.S. government.
However, the article said that investors have until the middle of February to pull out money so Blackstone could still potentially change its tune.
New York-based asset management and advisory firm Titan Advisors, a long-time SAC investor, has already informed the hedge fund of its plan to pull its money out.
Founded by Steve Cohen, SAC manages about $14 billion in assets.