Investors withdrew about $1.7 billion of the roughly $6
billion in outside money invested in Steven
Cohen’s SAC Capital Advisors, according to Bloomberg News. Other reports say Cohen is
giving investors more time to decide whether they want to
redeem. The firm has extended the deadline for submitting
withdrawal requests from Thursday, February 14, to mid-May.
Moreover, investors can pull out as much as one third of their
investment, instead of the maximum one quarter at a time.
Meanwhile, SAC is said to have opened to new investors for the first time
So much for shorting Herbalife. The nutrition supplements
company, Pershing Square Capital Management’s
controversial and much-ballyhooed bet, surged 1.23 percent to
close at $38.74. Earlier in the day Carl Icahn confirmed in a
regulatory filing that he owns nearly 13 percent of the stock,
including options, and plans to discuss with the company ways
to boost shareholder value.
The Pershing Square Foundation, founded by hedge fund
manager William Ackman and his wife Karen, on Friday announced
a $1 million grant to support the Innocence
Project’s effort to overturn wrongful convictions.
The foundation says it has committed more than $160
million in grants and social investments in diverse areas,
including economic development, education, healthcare, human
rights, the arts and urban development.
Another top JP Morgan executive is quitting to get into the
hedge fund business. Deepak Gulati has quit as the
bank’s global head of equity proprietary trading
to launch a hedge fund in Switzerland, called Argentière
Capital. It is expected to open for business in either the
second or third quarter of this year. James "Jes" Staley, the former head of JP
Morgan’s investment bank, recently joined Blue
Mountain Capital Management. Rumors surrounding Gulati’s
possible plans to launch a hedge fund began swirling in June
when he attended a conference hosted by Goldman Sachs in