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

Israeli Hedge Fund Harnesses Big Data

Jul 28 2014 | 8:10am ET

Apica Green is a multi-million dollar Israeli hedge fund that is based in Tel Aviv...

Lifestyle

David Yarrow On Growing His Hedge Fund And Shooting The Animals And People Of Africa - As A Photographer

Jul 23 2014 | 6:44am ET

While he’s always been a photographer, recent expeditions to Iceland, Ethiopia...

Guest Contributor

Why Is The Shipping Industry Underwater?

Jul 31 2014 | 7:31am ET

Anyone who’s taken a look at the global shipping industry recently probably knows...

 

Sponsored Content

    Northern Trust Helps Hedge Funds Navigate Derivatives Regulations

    Jul 8 2014 | 10:48am ET

    The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…

Publisher's Note