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SAC Said to Tell Employees Firm to Survive Redemptions

Steven A. Cohen’s SAC Capital Advisors LP told employees it plans to stay open for outside investors after significant client redemptions, according to two people with knowledge of the matter.

SAC President Tom Conheeney, in a June 4 e-mail to employees, said the firm doesn’t plan to release a number for the redemptions, said the people, who asked not to be identified because the communication is private. SAC doesn’t plan significant staff reductions, Conheeney wrote, according to the people.