Thursday, 24 July 2014
Last updated 32 min ago
Oct 2 2013 | 12:53pm ET
Three quantitative portfolio managers have left SAC Capital Advisors, the latest exits from the embattled hedge fund firm.
Woie Chan, Paul Crouch and Alidod Shirinbekov exited the firm's London office on Sept. 26, according to regulatory filings. The three were among 18 partners of SAC Global Investors at the end of last year.
Their exits follow the retirement of energy manager Nick Tiller and analysts Alexey Chentsov and Santiago Falcone, as well as the layoffs of about a dozen marketing and sales staffers. Still, in spite of SAC's troubles—the firm is fighting a criminal insider-trading indictment—predictions of a mass exodus have yet to be fulfilled. SAC has offered generous bonus packages in an effort to hold onto talent even as it considers how large a staff it will need to manage a smaller capital base.
SAC, with about 1,000 employees, will shrink from about $14 billion to about $9 billion under management by the end of the year due to redemptions. Almost all of the remaining capital will belong to founder Steven Cohen and firm insiders.
Shirinbekov has joined London-based quantitative shop BlueCrest Capital Management, which is expanding into equities trading, Bloomberg News reports.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…