Mon, Jul 28, 2014
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Seven SAC Capital Hong Kong staff leave firm

Monday, April 15, 2013

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.

Meanwhile, a ......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing
  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Events – AIMA Australian Hedge Fund Forum, Sept. 16, Sydney[more]

    AIMA Australia invite you to join us at our annual Hedge Fund Forum on Tuesday 16th September 2014 at the Sofitel Sydney Wentworth. The AIMA Australian Hedge Fund Forum is a non-profit hedge fund conference organised by the industry for the industry, featuring quality Australian and internation

  2. Opalesque Roundtable: Success in hedge fund marketing not linked to performance, but investor appetite[more]

    Komfie Manalo, Opalesque Asia: Success in marketing a fund is not linked to the performance, but to investor appetite, to the way you can market the fund, and to how much time you can spend to raise assets, said Antoine Rolland, the CEO of incubator and seeding firm

  3. Opalesque Exclusive: Loeb, Grantham cite growing economic concerns in letters[more]

    Bailey McCann, Opalesque New York: Hedge fund manager Daniel Loeb, head of Third Point, and Jeremy Grantham of Grantham, Mayo, Van Otterloo & Co. have both released their quarterly investor letters today. While news is positive on some fronts, and both men see pockets of opportunity, they also h

  4. Investing – Hedge funds expect Netflix earnings to catapult forward, Third Point's Loeb takes stakes in Fibra Uno, YPF, Royal DSM, Lake Capital in talks to back Engine Group[more]

    Hedge funds expect Netflix earnings to catapult forward From Investing.com: Netflix has made major strides forward in 2014 despite ongoing battles with the FCC and cable companies over the issue of net neutrality. The FCC has now received over 500,000 comments from the public on its pend

  5. Hedge fund manager Winton Capital making headway with long-only strategy[more]

    From PIonline.com: North American investors are helping Winton Capital Management Ltd. make progress — albeit slowly — toward its founder's goal of becoming a $100 billion company. The firm's ticket to quadrupling its assets under management is unlikely to be one of its scientifically designed manag