Sat, Feb 28, 2015
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

SAC Capital to close London office by year end, 50 employees to lose jobs

Wednesday, October 23, 2013

Komfie Manalo, Opalesque Asia:

For the first time since being embroiled in an insider trading case, Steven Cohen’s SAC Capital has admitted that the investigation exacted a heavy toll on the business as the hedge fund announced it would close down its London office by year end and cut six portfolio management teams, various media reported.

In a memo sent to employees on Tuesday, SAC Capital said six portfolio management teams in the U.S. would be cut from the firm and at the same time, some 50 employees in its London office, one of the firm’s largest branches outside of its headquarters in Connecticut, would lose their jobs, reported the New York Times.

SAC president Tom Conheeney was quoted as saying in the memo, "As our negotiations with the government have unfolded, it has become clear to us that the outcome the government is demanding is likely to have a greater than first anticipated impact on the firm. We have concluded that we must operate as a simpler firm and reduce our capital allocations."

SAC employed more than 1,000 people at the start of 2013 in its 10 offices in various countries. However, the number fell to 950 as at end of September and the number is seen to decrease further once the staff receives their year-end bonuses.

Since July, the hedge fund firm has been cutting down on its number of staff after the government filed cr......................

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. Investing - Seth Klarman of Baupost outlines his investment process as major stock market indices are stretched, Myriad hedge fund sold bulk of its Alibaba stake last year[more]

    Seth Klarman of Baupost outlines his investment process as major stock market indices are stretched From Valuewalk.com: As hedge fund manager Seth Klarman, leader of the $28 billion Baupost Group, reviews 2014 performance and considers investors gained near 7 percent on the year, he cons

  2. Adamas Asset Management and Ping An Insurance to co-manage $500m debt fund[more]

    Komfie Manalo, Opalesque Asia: Hong Kong-based Adamas Asset Management and Ping An Insurance Group, one of China’s largest financial institutions, have finalized a memorandum of und

  3. Opalesque Exclusive: dbSelect’s top ten FX strategies average almost 10% in January[more]

    Benedicte Gravrand, Opalesque Geneva: In one of Deutsche Asset & Wealth Management (AWM)’s hedge fund platforms, called dbSelect, a number of FX Strategies did very well in January. dbSelect is a managed investment platform for unf

  4. Opalesque Exclusive: SEC’s Mark J. Flannery warns hedge funds against valuation misconduct[more]

    Komfie Manalo, Opalesque Asia: Securities and Exchange Commission chief economist and director of Division of Economic and Risk Analysis (DERA) Mark J. Flannery has warned of the risks posed by market misconduct, particularly in the true valuation of assets by hedge fund managers. In his

  5. Dymon Asia's $3bn macro hedge fund lost 10.45% in January[more]

    From Reuters.com: Dymon Asia's $3.1 billion macro hedge fund lost 10.45 percent in January, performance data seen by Reuters showed, a month where many peers lost heavily after a surprise rise in the Swiss franc. Singapore-based Dymon, set up by Danny Yong, a former founding partner and chie