From Precy Dumlao, Opalesque Asia – Seven Hong Kong SAC Capital staff left the firm while five others relocated to New York and London amidst ongoing insider trading probe against the giant hedge fund firm, Reuters reported.
Citing insider sources and regulatory filings before the Securities and Exchange Commission (SEC), the report said the departures come at a very challenging time for SAC Capital which has been struggling with $1.7bn redemption requests from investors that could downsize its $15bn hedge fund firm just as it is trying to gain a foothold in the Asian region.
This year, SAC hired three people for its Hong Kong Office and is also planning to set up shop in Japan.
Those who left the SAC office in Hong Kong were Aaron Nieman, Frank Ho, Jinchul Lee, William Montgomery, Steven Su, Miaodan Wu and Xiaojing Zhang. Jay Luo, SAC's head in Asia, left the firm last year.
Late last month, SAC veteran portfolio manager Michael Steinberg was formally charged by U.S. prosecutors with insider trading in two technology stocks. Steinberg was the most senior SAC Capital Advisors' employee to be indicted in the government's long-running probe, according to Reuters.
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