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SAC Capital Assures Employees It's All Good

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SAC Capital Advisors LP told employees that it has no plans to become a family office after significant redemptions from clients for the second quarter, according to a person with knowledge of the matter. SAC President Tom Conheeney, in a June 4 e-mail to employees, said the firm doesn’t plan to release a number for the redemptions, said the person, who asked not to be identified because the communication is private. SAC doesn’t plan significant staff reductions and still has a stable capital base, Conheeney wrote, according to the person. [Bloomberg]


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: