Saturday, 18 April 2015
Last updated 56 min ago
May 31 2013 | 12:21pm ET
A former SAC Capital Advisors trader is planning a volatility hedge fund for launch later this year.
Miaodan Wu has set up Bach Option in Hong Kong. The new firm will launch its maiden fund by the end of the year, Reuters reports. It is unclear how much the fund will debut with, or how much Wu hopes to raise in total.
Wu has hired former Citigroup equity derivative sales professional Henry Ondo for the new effort.
Wu was part of an exodus from SAC's Hong Kong office earlier this year, when seven members of the embattled hedge fund's team there left the firm, and five others were transferred to New York and London. He worked at the firm for seven years.
SAC is suffering under the cloud of an insider-trading investigation; it has been hit with more than US$1 billion in redemptions and expects more on Monday. In addition, federal prosecutors are considering criminal charges against the firm.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…