Wed, Aug 27, 2014
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. Institutions – Texas Employees sets 2015 tactical plan for alternatives, CalPERS' real estate consultant cautions the pension fund's investment committee, Why Sunsuper likes hedge funds[more]

    Texas Employees sets 2015 tactical plan for alternatives From PIOnline.com: Texas Employees Retirement System will invest in up to four new hedge funds in the next fiscal year, which begins Sept. 1. Trustees approved 2015 tactical investment plans for the hedge fund, private equity and in

  2. Hedge fund assets decline in July - eVestment[more]

    Bailey McCann, Opalesque New York: Total assets in hedge funds declined in July and dropped 0.49%, marking the industry's second monthly asset decline in 2014, according to the latest asset flows data from eVestment. Despite the asset decline, total industry AUM remained above the $3 trillion

  3. AIMA makes 'the case for hedge funds'[more]

    Bailey McCann, Opalesque New York: The Alternative Investment Management Association (AIMA), the global hedge fund industry body,

  4. Managed futures' global diversification is important in next phase of economic recovery[more]

    Komfie Manalo, Opalesque Asia: The global diversification provided by managed futures may prove to be extremely valuable as the markets enter the next phase of the economic recovery, said Campbell & Company, a pioneer in absolute return invest

  5. Ex-UBS prop trader's hedge fund Manikay Partners eyes UK launch[more]

    From eFinancialnews.com: Manikay Partners, a $1.7 billion US multi-strategy hedge fund set up in 2008 by a proprietary trader from UBS with backing from Goldman Sachs, is planning to open in the UK. New York-based Manikay's move into Europe comes after Financial News revealed on Monday that Aurelius