Friendlier, More Flexible SAC Capital Now Making It Easier For Clients To Leave (Though They Hope You'll Stay!)

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:
Author:
Updated:
Original:

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?

SAC Clients Said to Get More Time to Decide on Redemption [Bloomberg]

Related

Bonus Watch '13: SAC Capital

Back in December, a bunch of recruiters made the bold claim that following the government's charges against former portfolio manager Mathew Martoma, SAC Capital employees were, if not giving them the time of day, at least waiting a few seconds longer before hanging up the phone. At another firm, the turn events probably would have been cause for concern that the staff would be abandoning ship in short order. Since we're talking about SAC, though, we figured not only would The Big Guy & Co not be concerned about the prospect of mass resignations but would take the opportunity to remind people that this is SAC Capital and at SAC Capital, they don't receive resignation letters, they only issue pink slips, lest anyone be getting any ideas. So you can imagine our shock and horror to find out this happened: