SAC Capital Advisors has launched a new financials trading arm, luring back a pair of former employees to head it.
The Stamford, Conn.-based hedge fund giant has founded Parameter Capital Management in New York. The new group—similar to SAC’s existing Sigma Capital Management and CR Intrinsic Investors units—will trade financial companies, Bloomberg News reports.
To run the new company, SAC has brought back Anil Stevens and Glenn Shapiro from fellow hedge fund Balyasny Asset Management. Both men rejoined SAC last month.
Stevens left SAC, where he worked at Sigma for two years, in 2003 for Balyasny. Shapiro, who also worked at Sigma starting in 2001, joined the Chicago-based firm as an analyst in 2007.