Sunday, 3 May 2015
Last updated 1 day ago
Sep 5 2013 | 1:22pm ET
SAC Capital Advisors is raising bonuses and guaranteeing pay in a bid to hold on to staff who may be inclined to leave a firm facing criminal insider-trading charges.
The hedge fund told long/short equity, macro and quantitative portfolio managers that they'd receive an automatic 3.5% bonus next year if they commit to remain with the firm. It is the second time that SAC has promised more money to stave off an exodus; following former portfolio manager Mathew Martoma's November arrest, it promised stock, macro and commodity managers a 3% bump.
SAC portfolio managers already typically receive bonuses totaling 15% to 25% of the profits they make.
SAC also told stock analysts that they would be paid a minimum of $300,000 next year.
SAC has about 1,000 employees, many of whom have begun casting about for new jobs following the firm's indictment in July. Clients have pulled substantially all outside capital from the firm, and SAC is said to be mulling a future as a family office, although it has assured its staff that it does not plan massive job cuts.
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…