Report: Blackstone to keep most funds with SAC
SAC Capital Advisors L.L.C. received a vote of confidence yesterday when one of its largest outside investors reportedly said it would maintain most of its investments with the Stamford hedge fund.
The Blackstone Group L.P. said it would maintain most of its $550 million investment with SAC Capital for three more months while it keeps tabs on a federal insider trading investigation that has targeted a number of former SAC Capital employees, according to reports.
Yesterday, Feb. 14, was the deadline for SAC Capital investors to submit requests to withdraw any funds by the end of the first quarter.
A Blackstone spokesman said in a statement to The New York Times that Blackstone Alternative Asset Management, a unit of the New York City-based fund management and financial services company, “successfully preserved flexibility for our clients by extending our decision timeline. … We will use this period of time to evaluate all additional information which becomes available.”