Thu, Sep 18, 2014
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Blackstone sent redemption request to SAC Capital

Monday, May 27, 2013

From Precy Dumlao, Opalesque Asia – Blackstone Group, the largest outside investor in SAC Capital Advisors, is to pull out its money from the firm, Reuters reported.

Reuters, citing a May 21 letter from pension consultant Russell Investments to clients, said that Blackstone had informed SAC Capital of its intent to "fully redeem" an important part of the estimated $550m it has invested with the $15bn hedge fund firm.

Blackstone reportedly sent the notice to SAC Capital sometime before May 15 as it was concerned over the ongoing insider trading probe against SAC Capital and its executives that might even involve Cohen himself. The redemption affects only client money invested in SAC’s fund of hedge funds, the letter notes.

Blackstone was said to be confident to receive 100% of its money from SAC Capital before the year ends. It was not clear however if Blackstone had advised its other clients which have investments in separately managed accounts at SAC Capital, to withdraw their money from the hedge fund firm or not.

In December’12, three sources told CNBC Blackstone was then in no rush to redeem money from the Stamford, Connecticut-based hedge fund. Blackstone has had at least three discussions with SAC's executives about the......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. SEC charges 19 investment firms and one trader for breach of Rule 105[more]

    Benedicte Gravrand, Opalesque Geneva: The Securities and Exchange Commission (SEC) started a push to enhance the enforcement of Rule 105 of Regulation M last year to uncover hedge funds and private equity firms that have illegally participated in an offering of a stock after short selling it duri

  2. Fund managers, bullish on Europe, anticipate monetary policy separation of Fed and ECB[more]

    Komfie Manalo, Opalesque Asia: At least 202 fund managers with $556bn of assets under management said that while the European Central Bank (ECB) has eased its monetary policy that sent sentiments towards Europe to pick up, the Fed is expected to hike its rate in the spring of 2015. Investor

  3. Investors looking at other sources for hedge fund-like returns[more]

    Komfie Manalo, Opalesque Asia: Investors who are always on the lookout for higher gains are looking at alternative sources of income, particularly exchange-traded fund industry that generates hedge fund-like returns, according to

  4. News Briefs - Limited partners of investment managers may be subject to self-employment taxes, Just one week left until NYC's Rocktoberfest[more]

    Limited partners of investment managers may be subject to self-employment taxes On September 5, 2014, the Internal Revenue Service (“IRS”) issued Chief Counsel Advice 201436049, concluding that members of an investment manager were subject to self-employment taxes with respect to their e

  5. Opalesque Exclusive: Old Hill Partners launches specialty finance fund[more]

    Bailey McCann, Opalesque New York: Asset-backed lending is starting to heat up again after a prolonged credit squeeze. The Financial Times reports that a record £18.9bn was borrowed from asset-based lenders in the three months to the end of June. Much of this lending is driven by advanc