Cohen's SAC Could See Majority of Outside Funds Withdrawn
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Steve Cohen's SAC Capital is teetering on the brink.
The WSJ reports Monday that requests for about $3.5 billion of investor funds to be withdrawn have been made. The number represents more than half of outside capital invested in the firm with Cohen's funds making up the majority of the $14 billion in assets held.
Of the total, about $1.7 billion in requests were made through first quarter 2013, the WSJ noted, bringing this year's total requests to over $5 billion of investments. SAC was said to manage about $5.6 billion of external funds through the middle of May.
Number's might cause Cohen to close his office to outside investors and/or manage select funds for wealthy families, but don't try and attract business.
Requests don't necessarily mean all funds will be withdrawn; the WSJ sees SAC with about $2.1 billion of outside money under watch by the end of 2013.
Moves come as Cohen and SAC have come under federal inquiry relating to insider trading allegations. Cohen recently said that SAC would no longer will cooperate with U.S. requests 'unconditionally', nor would it provide investors with updates on the probe. Neither Cohen nor SAC have been accused of any wrongdoing.
The WSJ reports Monday that requests for about $3.5 billion of investor funds to be withdrawn have been made. The number represents more than half of outside capital invested in the firm with Cohen's funds making up the majority of the $14 billion in assets held.
Of the total, about $1.7 billion in requests were made through first quarter 2013, the WSJ noted, bringing this year's total requests to over $5 billion of investments. SAC was said to manage about $5.6 billion of external funds through the middle of May.
Number's might cause Cohen to close his office to outside investors and/or manage select funds for wealthy families, but don't try and attract business.
Requests don't necessarily mean all funds will be withdrawn; the WSJ sees SAC with about $2.1 billion of outside money under watch by the end of 2013.
Moves come as Cohen and SAC have come under federal inquiry relating to insider trading allegations. Cohen recently said that SAC would no longer will cooperate with U.S. requests 'unconditionally', nor would it provide investors with updates on the probe. Neither Cohen nor SAC have been accused of any wrongdoing.
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