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SAC Said to Get $100 Million Ironwood Withdrawal Request

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May 28 (Bloomberg) -- Ironwood Capital Management Corp., a firm that invests in hedge funds, plans to pull the $100 million it has in Steven Cohen’s SAC Capital Advisors LP, according to a person with knowledge of the matter.

The decision was made after Stamford, Connecticut-based SAC said May 17 it would no longer unconditionally cooperate with the U.S. government in its multiyear insider-trading investigation, said the person, who asked not to be named because the information is private.

Investors in Cohen’s $15 billion hedge-fund firm have until June 3 to put in their redemption requests for the second quarter. Clients asked to redeem $1.68 billion in the first quarter, a person familiar with the firm said at the time.

Jonathan Gans, chief executive officer of San Francisco-based Ironwood, declined to comment on its redemption plans, which were reported earlier today by the Wall Street Journal. Jonathan Gasthalter, a spokesman for SAC at Sard Verbinnen & Co., declined to comment.

SAC in March reached a record $602 million settlement with the U.S. Securities and Exchange Commission over claims the firm and one of its units profited from illegal tips about a drug trial received by a former portfolio manager. Both the SEC and the U.S. attorney’s office in Manhattan continue to investigate SAC.

To contact the reporter on this story: Katherine Burton in New York at kburton@bloomberg.net

To contact the editor responsible for this story: Christian Baumgaertel at cbaumgaertel@bloomberg.net

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