SAC Hires Soros Vet For Asia Trading

Jun 19 2013 | 9:45am ET

Its viability as a going concern remains open to question, but SAC Capital Advisors is moving forward as though an insider-trading probe doesn't threaten its existence.

The hedge fund giant has hired a former Soros Fund Management trader to serve as co-head of trading in Asia. Adam Odorczuk will be based in Hong Kong, Bloomberg News reports, where SAC suffered a raft of departures earlier this year.

SAC is reeling from nearly $5 billion in redemptions this year, fueled by fears that the firm or founder Steven Cohen are in jeopardy of facing criminal charges. Cohen and five other top SAC executives have been subpoenaed to appear before a federal grand jury.

Despite the withdrawals, which will leave SAC managing primarily Cohen's own money, SAC has said it will not become a family office or lay off large numbers of its employees, who number nearly 1,000.

Odorczuk left Soros earlier this month. He formerly worked at Tudor Investment Corp.


In Depth

GSAM's Papagiannis: Liquid Alternatives For The Long Run

Apr 21 2017 | 8:44pm ET

Interest in liquid alternatives cooled a bit last year amid a broad shift in investor...

Lifestyle

Aston Martin Returns To Debt Market As DB11 Drives Turnaround

Mar 31 2017 | 5:21pm ET

James Bond’s preferred carmaker is returning to the public debt markets for the...

Guest Contributor

Debunking Conventional Investment Wisdom (Part II)

Apr 17 2017 | 5:56pm ET

The alternative investment industry is currently replete with buzzwords around data...