Saturday, 23 July 2016
Last updated 11 hours ago
Jan 8 2014 | 1:28pm ET
Four casualties of SAC Capital Advisors' cutbacks have landed at Carmignac Gestion Group.
The French asset manager has hired Muhammad Yesilhark and his European equities team. The group had worked at SAC since 2009, leaving when the hedge fund shut its London office at the end of last year.
Yesilhark will run three funds at Carmignac, with a total of about €1.6 billion in assets. The funds are Carmignac's Grande Europe, Euro-Patrimoine and Euro-Entrepreneurs. Yesilhark will co-manage the last of these with Malte Heininger, a Morgan Stanley vet who joins Carmignac alongside Yesilhark and analysts Saiyid Hamid and Huseyin Yasar.
"We're bringing on board a talented team under Muhammed Yesilhark's leadership to underscore our commitment to generate strong investment performance in European equities," firm founder Édouard Carmignac said. "Their experience in long/short management will help us to perform in all market conditions and will complement our risk management."
Yesilhark worked at York Capital Management and Lazard before joining SAC. He and his team will remain in the British capital.
The SAC team replaces Laurent Ducoin, Samir Essafri and Francois-Joseph Furry, who have all left Carmignac.
SAC announced plans to close in October, a month before it pleaded guilty to insider-trading. In the run-up to the announcement, SAC lost several London-based employees to the likes of BlueCrest Capital Management and Millennium Management and has continued to lose employees to those firms and others, including Balyasny Asset Management, since. According to a report late last year, Moore Capital Management was poised to offer jobs to several former London-based SAC portfolio managers.
In the wake of its guilty plea, SAC is transforming itself into a family office. As part of its deal with prosecutors, the firm has agreed to stop managing outside capital.