Mon, Mar 27, 2017
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

SAC seen to reduce staff, close offices and scale back trading in midst of investor pull out

Tuesday, June 04, 2013

From Precy Dumlao, Opalesque Asia – All the troubles hounding hedge fund manager Steven A. Cohen, founder of SAC Capital are expected to trickle down to his employees soon as the $15bn fund management firm is seen to reduce the number of its staff, close down offices and scale back on its trades as outside investors pull out their money amidst ongoing insider trading investigations.

A report by CNN said that Cohen is faced with tough choices and he has to make decisions soon.

The report quoted said Daryl Jones, director of research at Hedgeye Risk Management, which lists SAC as one of its clients as saying, "There are going to be a lot of tough choices for Steve Cohen to make if he loses the bulk of his outside money, and one of them is probably going to involve trimming his staff."

SAC Capital’s assets are expected to decline to $8bn, or representing Cohen’s personal fortune, after all outside investors have pulled out the bulk of their money, many experts believe the hedge fund will have no need to maintain its current large operations.

The first to be axed from SAC Capital’s 950-employee firm are the "support and ancillary staff," as well as those from the finance and accounting departments, the report added.

Some offices are expected to be closed down as the hedge fund reduces its trades, others added.

Withdrawal requests from SAC Capital h......................

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. Hedge fund liquidations in 2016 surpass 2009 levels, new launches decline[more]

    Benedicte Gravrand, Opalesque Geneva: Even as the hedge fund industry's total assets exceeded the $3tln milestone last year, hedge fund liquidations increased. So much so that 2016 had the highest number of liquidations since 2008, claims the latest HFR Market Microstructure Report, re

  2. Hedge funds find no joy in macro as returns lag Trump rally[more]

    From Gulfnews.com: In 2017, macro hedge funds were expected to shine. So far? Not so much. It's been a far from impressive first two months for funds that trade around macroeconomic events. Discretionary funds rose just 0.3 per cent through February, according to Hedge Fund Research Inc., while the

  3. Strategies - Billionaire investor Marc Lasry shares how he's playing markets right now, Classic models are failing FX hedge funds desperate for return[more]

    Billionaire investor Marc Lasry shares how he's playing markets right now From CNBC.com: Buy on the prospect of deregulation. Sell on the enactment of deregulation. That's the strategy that billionaire investor Marc Lasry is implementing, according to an interview with CNBC in Las Vegas

  4. Opalesque Exclusive: Aberdeen makes the case for the lower mid-market[more]

    Bailey McCann, Opalesque New York: Aberdeen Asset Management has released a new paper focused on lower mid-market private equity. According to the paper, this segment of the private equity market is gaining popularity with private equity investors that are looking for multiple expansion and less

  5. Hedge funds await outcome of French elections, feel pinch on lower oil prices & weak dollar[more]

    Komfie Manalo, Opalesque Asia: Hedge funds felt the pinch of lower oil prices and weak U.S. dollar as the Lyxor Hedge Fund Index was marginally down as of the week ending 14 March, Lyxor Asset Management said in its Weekly Briefing. The Lyxor He