SAC To Quit London

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.


In Depth

The Benefits Of Private Debt Investing

May 7 2015 | 10:43am ET

Jeffrey Haas is chief operating officer of Old Hill Partners Inc., an SEC-registered...

Lifestyle

Yale Receives $150 Million Gift from Blackstone’s Schwarzman

May 12 2015 | 12:10am ET

Yale University announced it has received a $150 million gift from Blackstone Group...

Guest Contributor

How To Generate 6% Yield In A Volatile World

May 22 2015 | 6:41am ET

Private credit comes in many different flavors, all with the common themes of over...

 

Editor's Note