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SAC AIMS TO STEM WITHDRAWAL REQUESTS | "The embattled hedge fund SAC Capital Advisors is bracing itself for another round of withdrawal requests from investors after disclosing that it would no longer fully cooperate with the government's scrutiny of its trading practices," DealBook's Peter Lattman writes.
| SAC Capital aims to stem withdrawal requests.
They also push students out through "voluntary withdrawal" requests.
SAC is steeling itself for additional withdrawal requests from its investors before a June 3 deadline.
That announcement heightened investors' concerns, leading to an increase in withdrawal requests.
In April, BBI bosses told the supreme court of Belize it had received unprecedented withdrawal requests.
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The next quarterly deadline to make a withdrawal request is Aug. 15.
A third investor, Ironwood Capital Management, has also put in a withdrawal request.
"The amended terms and conditions allowed the private bank to refuse a cash withdrawal request, and placed strict controls on withdrawals over $10,000 [£6,600]," its statement said.
HSBC said it had since introduced a tax transparency initiative under which "amended terms and conditions allowed the private bank to refuse a cash withdrawal request, and placed strict controls on withdrawals over US$10,000".
Investors in the fund have two weeks to decide whether to ask for their money back, or else they will have to wait until mid-August to make a withdrawal request.
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