People Slightly Less Eager To Get The Hell Out Of SAC Capital Than Expected

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Redemption Watch '13.

The hedge fund SAC Capital received between $2 billion and $3 billion in requests last week from investors for the return of capital, say people familiar with the matter, with the total being closer to $3 billion amid an intensifying Justice Department investigation. SAC's mass exodus, which came as part of a standard quarterly window for capital return notices, known as redemptions, was essentially in line with expectations. Heading in to the June 3 deadline, people close to SAC said they were expecting a "significant" pullback of the roughly $4 billion in outside assets that had not yet been yanked. As of May, the fund company managed about $14.5 billion overall, roughly $9 billion of which belongs to founder Steve Cohen and other insiders.

SAC Capital Redemptions $2 to $3 Billion: Exclusive [CNBC]

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Charlie Gasparino: SAC Capital Busting Its Ass To Prevent Redemptions

According to Fox Business reporter Chaz Gasparino, the hedge fund has been working overtime to convince investors ahead of the February 15 deadline for submitting redemption notices to stick with Steve. With a moderately to majorly amazing sales pitch:

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: