NEW YORK: Billionaire hedge fund manager Steven A. Cohen is losing the financial support of Blackstone Group Inc, the largest outside investor in his embattled SAC Capital Advisors, which is yanking much of its client money, according to a letter reviewed by Reuters.
A pension consultant, in a May 21 letter to clients, said Blackstone had notified Cohen that it intended to “fully redeem” a significant portion of the roughly US$550mil the investment firm had invested with the US$15bil hedge fund.
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