CNBC’s Kate Kelly reports that the second quarter redemptions at embattled hedge fund SAC Capital were between $2 and $3 billion.
CNBC’s Kelly noted that the number is closer to $3 billion.
This was pretty much in line with expectations.
It was estimated investors would request to pull out $3.5 billion. During the Q1 deadline, $1.7 billion was marked for redemptions.
SAC Capital, which was founded by billionaire Steve Cohen, manages about $15 billion. Of that, $9 billion belongs to Cohen and SAC employees. The rest is outsider money.
The government has been intensifying its insider trading probe at the fund.
In the case against former SAC portfolio manager Mathew Martoma, Cohen has been identified as “Portfolio Manager A.” He has not been charged with any wrongdoing and he has maintained that he acted appropriately.
Cohen and a handful of other execs recently received subpoenas to testify before a grand jury.
Back in March, SAC agreed to pay $616 million to the Securities and Exchange Commission to settle two separate civil insider trading cases.
Under the statute of limitations for insider trading, the government has until the end of July, the anniversary of the tradse in question, to file additional charges.
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