Saturday, 23 July 2016
Last updated 11 hours 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.