Thursday, 26 November 2015
Last updated 8 hours ago
Oct 22 2013 | 1:06pm ET
SAC Capital Advisors will close its London office at the end of the year as it seeks to survive criminal insider-trading charges.
The decision to leave the British capital, first reported by Reuters, comes amidst an exodus of staff from the office. Several senior employees, including portfolio managers, have left SAC. Lia Forcina and Alidod Shirinbekov moved to BlueCrest Capital Management, and John Levavasseur joined Millennium Management. Woie Chan and Paul Crouch have also left the firm.
SAC has reportedly reached a tentative settlement of criminal insider-trading charges with federal prosecutors, one that will see the firm pay more than $1 billion and give up managing outside capital for a period of time.
The London office will become the second SAC office to close this year; earlier, it shuttered its Chicago office. The firm's other offices, in addition to its Stamford, Conn., headquarters, are in Beijing, Boston, Hong Kong, New York, Singapore and Tokyo.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…