ML-Implode News - Blackstone notifies SAC it intends to pull out money

A pension consultant, in a 21 May letter to clients, said Blackstone has notified Cohen that it intends to "fully redeem" a significant portion of the roughly $550 million the investment firm has invested with the $15 billion hedge fund. The letter from pension consulting firm Russell Investments said Blackstone submitted its redemption notice to SAC Capital sometime before 15 May because of ongoing concerns about the insider trading investigation that continues to engulf Cohen's fund.
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The decision by Blackstone, which has invested with SAC Capital for at least a decade, is a big blow to the 56-year-old fund manager, who is widely regarded as one of the most successful traders of his generation. Blackstone--which manages about $46 billion in hedge fund investments for public pensions, foundations, corporations and wealthy individuals--is seen as something of a bellwether for other investors in the $2.2 trillion hedge fund industry because of its stature.

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Blackstone notifies SAC it intends to pull out money