SAC Capital Will Manage Your Money, If You Want

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Steven Cohen’s SAC Capital Management LP is opening its main hedge fund to new investments after almost two years as a deadline for clients to redeem approaches, according to a person with knowledge of the matter. The $14 billion SAC, whose clients have until Feb. 14 to ask to pull money from the fund, isn’t actively marketing it, said the person, who asked not to be named because the firm is private. The fund has been soft-closed to new investments since mid-2011, meaning it has selectively taken in money, mostly to accommodate current clients, according to the person...This week’s deadline applies to clients asking to pull money from the fund for the quarter ending March 31. SAC executives have told employees that it expects investors to request redemptions of about $1 billion. [Bloomberg]

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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: