Saturday, 28 May 2016
Last updated 1 day ago
Dec 19 2013 | 2:38am ET
BlueCrest Capital Management is continuing its raid on the embattled SAC Capital Advisors.
The London-based hedge fund, which earlier this year hired two portfolio managers from SAC's office in that city, has nabbed another pair of SAC employees. Nicholas O'Grady, an oil and gas manager, joined BlueCrest in November, followed soon thereafter by energy analyst Eugene Lipovetsky.
O'Grady worked at SAC's Sigma Capital Management unit for two years before leaving for BlueCrest.
SAC has faced a slow drip of talent to other firms since it was accused of insider-trader. The hedge fund last month pleaded guilty to criminal charges and will become a family office and pay $1.2 billion in fines.
That transition means that the once 1,000-strong firm will likely shrink; the departures of Alidod Shiribekov and Lia Forcina for BlueCrest followed SAC's decision to close its London office.
Prior to the insider-trading allegations, firms like BlueCrest and Millennium observed a "gentlemen's agreement" with SAC not to recruit one another's staff.