SAC Slashes Staff After Losses

Nov 11 2008 | 4:43am ET

Hard times are hitting SAC Capital Advisors, and the hedge fund giant is tightening its belt.

Greenwich, Conn.-based SAC plunged 11% last month, leaving it down 18% this year, and leading founder Steven Cohen to liquidate half of the firm’s equity holdings last month. Now, he’s slashing jobs, as well as portfolios.

Last week, Cohen dismissed a team of seven portfolio managers and assets, Fortune magazine reports. The job cuts come at CR Intrinsic Investors, one of the firm’s four main portfolios, which was especially hard hit in October, including a bet against German carmaker Volkswagen, which rallied on the news that Porsche was seeking to gain a majority stake in VW.

Fortune reports that CR Intrinsic will remain open, but is undergoing a “reorganization.”

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