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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]