Double Trouble: SAC’s referendum creates a twin challenge

From the Financial Times: For the second time this year, SAC Capital faces a referendum. Monday is the deadline for clients of Steven Cohen’s $15bn hedge fund to request their money back by the end of the year. At stake is the group’s ability to retain its best traders and portfolio managers. Around 60 per cent of SAC’s capital belongs to Mr Cohen and his staff, so it could operate without outside money entirely. But investors requested the return of $1.7bn in February, and further big redemptions would reduce the capital, and so potential profits, available to employees….

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