Tuesday, 28 June 2016
Last updated 5 hours ago
Apr 15 2013 | 11:33am ET
SAC Capital Advisors' Asian expansion plans hit a speed bump.
The firm has lost seven staff members in its Hong Kong office, and moved five others to New York and London, this year, Reuters reports. It has hired just three new staffers in Hong Kong.
Aaron Nieman has left SAC for the second time, having returned to the firm from the Blackstone Group in 2009. SAC has also lost Highbridge Capital Management veteran Frank Ho, as well as Jinchul Lee, William Montgomery, Steven Su, Miaodan Wu and Xiaojing Zhang.
The hedge fund has also moved five members of its quantitative trading team out of Hong Kong. Flavien Delverdier, Gilles Morihain, Alborz Rafie Elizei and Charlie Rondeau have relocated to New York, while Faycal Abbes has moved to London.
All told, the number of SAC employees with Hong Kong Securities and Futures Commission licenses has dropped to 44, from 53 at the end of last year.
"We see the Asia and Japan market as a dynamic opportunity to grow our business," Sol Kumin, SAC's chief operating officer, told Reuters through a spokesman. SAC is opening an office in Japan and plans to hire more staff for both that location and Hong Kong this year, according to Reuters.