SAC Capital, the US hedge fund said to have the highest fees in the industry, will abandon a three-year lock-in period on its flagship fund in a bid to attract new money, but the group has stopped short of agreeing to reduce the amount it charges clients to invest.

The Connecticut-based group is run by its founder Steven Cohen and will offer quarterly liquidity on its main fund as of June 1, according to news blog Dealbreaker, in a move that marks a dramatic change from its previous three-year lock-in period on investments.