Shares of SVB Financial Group, the parent company of Silicon Valley Bank, plunged nearly 60% on Thursday and fell nearly 20% further after the market closed.
As concerns about SVB's financial stability grow, the fund told clients that there is "no harm" in withdrawing funds.
In addition, "several" venture capital firms, including Coatue, have also recommended that their portfolio companies consider withdrawing funds from Silicon Valley Bank.
SVB lowered its earnings expectations after the market closed on Wednesday and disclosed huge losses from the sale of securities and the issuance of shares.
