Reinsurance isn't SAC Capital Advisors' only big plan. The $14 billion hedge fund, seeing greater opportunities in Japan, plans to open an office in Tokyo early next year.
SAC unveiled its Tokyo plans at a meeting with investors in New York this week. Executives told clients that the firm has hired four portfolio managers in Asia this year and now boasts 13 total.
Firm founder Steven Cohen sees growing opportunities in Japan, where long/short hedge funds have done fairly well this year, Bloomberg News reports.
SAC's Tokyo base will be its fourth Asian office, after Hong Kong, Singapore and Beijing. In addition to its Stamford, Conn., base and New York office, the firm also has presences in Boston, Chicago and London.