SAC Compliance Chief Steps Down

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.


In Depth

An Interview With Harvest Volatility Management's Rick Selvala

Mar 23 2017 | 5:39pm ET

Several years of extremely low interest rates have pushed some investors into equities...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

SEI: Private Debt Coming Into Its Own

Mar 8 2017 | 9:24pm ET

The explosive growth of private debt over the past few years has caused the lines...

 

From the current issue of