Friday, 1 July 2016
Last updated 1 hour ago
Feb 18 2014 | 12:34pm ET
SAC Capital Advisors' chief compliance officer is to leave the hedge fund, as it transitions to a family office.
Steven Kessler plans to spend more time with his family and to work on philanthropic efforts, SAC said in an internal memo. He'll be replaced by John Casey, the chief operating officer at the hedge fund's compliance department and a former CCO at Rohatyn Group.
Kessler will step down at the end of the month and will remain an adviser to SAC—which is expected to change its name and its corporate structure as part of the family-office transition. The firm will also add an independent compliance consultant, per its $1.8 billion settlement with the government.
"He was instrumental in creating the firm's compliance technology group, brought a series of state-of-the-art surveillance technologies on line and has been a leading advocate to regulators on behalf of the industry," SAC said.
Kessler, who worked at Goldman Sachs before joining SAC, spent nine years at the hedge fund. His exit comes just months after the firm pleaded guilty to insider trading and agreed to return outside capital, and following the convictions of two former traders for insider-trading in recent months.