Thursday, 30 June 2016
Last updated 5 min ago
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.