Friday, 9 October 2015
Last updated 14 min ago
May 25 2011 | 1:59am ET
Facing an insider-trading investigation of its own, SAC Capital Advisors has moved to profit from another firm's insider-trading woes.
The Stamford, Conn.-based hedge fund giant has hired Christopher Susanin from FrontPoint Partners, Reuters reports. At FrontPoint, which is liquidating most of its hedge funds, Susanin managed consumer and industrial stocks.
Susanin joined FrontPoint in 2006 to launch its consumer and industrials long/short equity team. He was formerly portfolio manager at John Levin & Co., covering the same sectors.
FrontPoint last week announced that it would liquidate most of its hedge funds, including its flagship Multi-Strategy Fund, amidst massive redemption requests. Clients headed for the door in the wake of an insider-trading scandal involving FrontPoint's former top healthcare fund manager, Joseph Skowron, a SAC alumnus.
SAC itself is currently in the crosshairs of an insider-trading probe led by Sen. Charles Grassley (R-Iowa).
Oct 7 2015 | 4:57am ET
Charity A Leg To Stand On (ALTSO) will hold its 12th Annual Hedge Fund Rocktoberfest – NYC on October 15 and its 4th Annual Rocktoberfest - Chicago on October 22. Read more…