SAC Sees Hong Kong Exodus

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.


In Depth

Part II: Roubini Talks Risk, Recovery And The Threat Of A Triple Dip Recession

Oct 21 2014 | 12:41pm ET

In the second half of our interview with Nouriel Roubini, FINalternatives editor...

Lifestyle

Balyasny Pays Over $6M For Lakefront House

Oct 22 2014 | 10:29am ET

A venture headed by hedge fund manager Dmitry Balyasny just paid $6.2 million for...

Guest Contributor

Hedge Funds Weather A Data Management Perfect Storm

Oct 22 2014 | 12:28pm ET

From a regulatory standpoint, nearly every development since the crisis has placed...

 

Videos

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

October 2014 Cover

Demeter: Family affair

David and James Hamman launched their fundamental Livestock and Grains Program in March of 2010 but it really was decades in the making.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.