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
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
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 Rome.