Thursday, 2 October 2014
Last updated 20 min ago
Jan 11 2013 | 1:42pm ET
SAC Capital Advisors is quitting the Windy City.
The $14 billion hedge fund giant said it would close its Chicago office and dismiss the four teams based there. The decision to leave the U.S.'s third-largest city is reportedly not related to the insider-trading probe enveloping the firm.
SAC is known for the high turnover among its portfolio teams and for the short leash founder Steven Cohen keeps them on; it is not uncommon for even formerly successful portfolio managers to be fired after a period of losses. All told, SAC dismissed 10 teams last week, including the four in Chicago.
SAC hired about 24 new teams least year.
The Stamford, Conn.-based firm, which has offices in New York and Boston, had been mulling an exit from Chicago since before November, when former portfolio manager Mathew Martoma was arrested for insider-trading, The Wall Street Journal reports. "We regularly review our operations and given the limited opportunity in the region, we didn't believe it made sense to have a separate office in Chicago," SAC spokesman Mark Herr said.
In addition to its U.S. offices, SAC has bases in Beijing, Hong Kong, London, Singapore and Tokyo.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...