Hedge fund billionaire Steven A. Cohen's SAC Capital Advisors is bracing for about $3.5 billion in redemptions from outside investors as a probe into insider trading at his $15 billion fund intensifies, The Wall Street Journal reported on Sunday, citing people briefed on the matter.
A spokesman for SAC Capital declined to comment on the Journal report. Monday is the deadline for investors to submit second-quarter redemption notices.
Outside investors account for roughly $6.75 billion of SAC Capital's assets. Ahead of the redemption deadline, people familiar with SAC Capital said the firm was bracing for outside investors to redeem several billion dollars. In the first quarter, investors put in notices to withdraw $1.7 billion by year-end.