Friendlier, More Flexible SAC Capital Now Making It Easier For Clients To Leave (Though They Hope You’ll Stay!)By Bess Levin
Time was, SAC Capital didn’t give a rat’s ass what outside investors thought of it. No lip service was paid, no gestures of friendliness offered. Wanted to get your money out ASAP? SAC didn’t give a fuck. You’d wait a year and you’d like it (and wouldn’t dare think about asking for entree again). Now, though, thanks to the work of a former employee named Mathew Martoma, SAC has been forced to show a softer, friendlier, and frankly vaguely unnerving side. Instead of verbal abuse, employees have received pay raises. Instead of quarterly redemptions, this very uncharacteristically accommodating offer:
The $14 billion hedge fund, which is based in Stamford, Connecticut, told clients that they can now pull a third of their money each in the second, third and fourth quarters, said the people, asking not to be identified because the fund is private. Under the previous terms, SAC clients only had the option to pull 25 percent of their assets each quarter, meaning they would need a year to redeem in full. Now investors can wait until mid-May to submit their redemption request for the end of the second quarter and still get all their money out by year end, said the people.
What’s next? Hallmark cards on Valentine’s Day? Mini-fleece Christman ornaments? Birthday phone calls from the Big Guy himself?