Tue, Dec 6, 2016
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. M&A - AllianzGI to acquire Sound Harbor Partners, SS&C completes acquisition of Wells Fargo's Global Fund Services business[more]

    AllianzGI to acquire Sound Harbor Partners Allianz Global Investors (AllianzGI), an active investment manager, announced that Sound Harbor Partners, a US private credit manager led by Michael Zupon and Dean Criares, have agreed to join its fast-growing Private Debt Platform. Under the te

  2. Hunt for yield pushes more investors into riskier assets[more]

    From FT.com: Pension funds and insurance companies have increasingly embraced riskier assets in their hunt for higher returns over the past five years. Alternative assets such as property, infrastructure, private equity and hedge funds have been bought up by institutional investors in a world where

  3. People - Nectar Financial hires senior investment team, Texas A&M replaces retiring foundation investment chief, Ex-Cadwalader partner Woolery makes another sudden exit, How to become a Python coder at a top hedge fund, by the co-CTO of Man AHL[more]

    Nectar Financial hires senior investment team Nectar Financial AG, a Swiss financial technology company for wealth and asset management, has announced that it has hired two key senior leaders to spearhead its digital asset management efforts. The company also announced that it has entere

  4. Activist News - Cognizant has introductory discussion with activist investor Elliott; to review letter, Starboard Value makes huge investment in Hewlett Packard, Hedge fund calls for removal of First NBC Bank CEO[more]

    Cognizant has introductory discussion with activist investor Elliott; to review letter From Indiatimes.com: Cognizant said it had an introductory discussion with Elliott Management after receiving the activist hedge fund's letter asking for a board shakeup, a buyback, a dividend and chan

  5. Opalesque Exclusive: Ireland relaxes treatment of direct lending funds[more]

    Bailey McCann, Opalesque New York: The Irish Central Bank has relaxed its treatment of direct lending funds, according to a recently released