Reuters/ Steve MarcusWall Street Journal’s Jenny Strasburg reports SAC Capital clients are set to pull $3.5 billion from the embattled fund this quarter.
SAC Capital and its founder Steve Cohen are believed to be under investigation for insider trading, although neither have been accused of wrongdoing.
If the estimates hold, the outflows would represent more than half of the firm’s remaining outside capital and would bring the total amount SAC investors have sought back this year to more than $5 billion. As of mid-May, the firm managed about $5.6 billion in outside money, out of a total of $14 billion in assets, according to details of its operations as described by SAC representatives to clients and others outside the firm.<
SAC clients pulled $1.7 billion last quarter.
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