Saturday, 27 August 2016
Last updated 4 hours ago
Jun 13 2008 | 2:00am ET
A former top SAC Capital Advisors trader better known for his role in a scandalous sexual harassment claim at the firm has launched his own hedge fund.
Ping Jiang founded New York-based Ping Capital Management in April with partner and employee capital. The firm, an emerging markets shop trading fixed-income, currencies, commodities and stocks, is trying to raise about $500 million, Bloomberg News reports.
Andrew Tong, a former trader under Jiang at SAC, accused Jiang of sexual harassment and assault. Tong alleges that Jiang ordered him to take estrogen pills and wear women’s clothing in an effort to curb his aggressive trading habits. Tong, who is married, also said that he and Jiang had a sexual relationship.
Last month, a judge ruled that Tong had to submit his claims of “sexual harassment, a hostile work environment, discrimination and retaliation by defendants” to arbitration due to the terms of his employment with SAC. Tong has appealed the decision.
SAC and Jiang have angrily denied Tong’s allegations.
Jiang left SAC, where he managed global macro strategies, in March. Prior to joining the $16 billion Stamford, Conn.-based hedge fund, Jiang—who holds a Ph.D in chemistry from Princeton University—worked at Lehman Brothers. He met Tong at Lehman.