SAC Tells Employees It Will Survive 'Significant' Redemptions
SAC told employees in an internal letter dated June 3 that it will survive what it characterized as "significant" redemptions.
According to sources, the letter issued Tuesday said that SAC had no plans to become a family office and that there were no significant layoffs in the works.
SAC has roughly $4 billion in outside capital after first-quarter redemptions. People were expecting to see investors pull most of that money out of the hedge fund in the wake of SAC's legal issues.
(Read More: Cohen Subpoena Puts SAC Settlement Talks on Ice)
Private-equity investor Blackstone Group and several smaller investors had already telegraphed plans to withdraw at least some of their capital.
About $9 billion of the $15 billion SAC does manage belongs to founder Steve Cohen.
—Reporting by CNBC's Kate Kelly.