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

Fundraising for Mid-Sized PE Funds: Should You Use a Registered B/D?

Dec 6 2016 | 7:18pm ET

When does a fund sponsor need to use a registered broker/dealer when raising capital...

Lifestyle

Trump Attends 'Villains and Heroes' Costume Party Dressed As...Himself

Dec 5 2016 | 11:16pm ET

U.S. President-elect Donald Trump attended a "Villains and Heroes" costume party...

Guest Contributor

Nowhere to Hide: Why the Future of Asset Management Depends on Innovation

Nov 15 2016 | 6:55pm ET

Information technology has reshaped the asset management industry’s periphery,...

 

From the current issue of

Since the inception of Modern Trader, a core editorial theme has centered on the wisdom and power of crowds. Editorial emphasis has focused on companies and projects engaged in the collection and analysis of information. 

AVAILABLE NOW at BARNES & NOBLE

NEWSTAND LOCATOR