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SAC Capital Postpones Redemption Deadline

Apr 28, 2013
Jing Chen

Steve Cohen’s hedge fund firm SAC Capital Advisors has postponed the deadline to let its investors withdraw their money.

Bloomberg reported that Connecticut-based SAC is giving its clients the opportunity to redeem 50% of their investments in the third quarter and the rest in the fourth quarter.

The article also said that SAC president Tom Conhenney explained that the decision to grant investors additional time was prompted by the firm’s hope that “the next few months will bring greater clarity surrounding the resolution of pending regulatory matters.”

eVestment previously reported that several SAC portfolio managers were hit by insider trading allegations, including Michael Steinberg and Mathew Martoma. Steinberg was charged earlier this month for allegedly making over $1.4 million for the hedge fund trading on shares of computer maker Dell, Inc. and chipmaker Nvidia Corp. SAC recently shelled out approximately $602 million to settle insider trading charges involving Martoma, who allegedly made over $250 million for the firm using insider information he received regarding an Alzheimer disease drug trial.

Based in Stamford, Conn., SAC manages about $15 billion in assets.

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