Moore Capital Management has emerged from the wreckage of SAC Capital Advisors' London office with the biggest haul.
The New York-based hedge fund has hired a team of nine portfolio managers and analysts from the shuttered SAC office. The group trades utilities and infrastructure stocks, among others, and also focuses on event-driven opportunities, The Wall Street Journal reports.
The portfolio managers moving to Moore are Israa Al Bayaa, Nicholas Aldridge, Arjun Menon, Alexi Papaconstantinou, Bramen Singanayagam, Martin Stapleton and Louis Villa. Analysts Atallah Estephan and Rahil Kuchiera also joined the firm.
SAC announced the closure of its London office in October, just before it pleaded guilty to insider-trading charges. The firm is returning all outside capital and will become a family office, managing founder Steven Cohen's own fortune.
Following word that SAC would quit the British capital, rivals like Moore, Balyasny Asset Management, BlueCrest Capital Management and Millennium Management swooped on its members. Moore alone is said to have spoken to about a dozen SAC London veterans, and its hire follows Balyasny's of Massimo Amati, Stanislas de Caumont and Robert Harris last month.