Fri, Mar 27, 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. Other Voices: Does the hedge fund industry benefit society?[more]

    This article was authored by Don Steinbrugge, Chairman of Agecroft Partners, a US-based global consulting and third party marketing firm for hedge funds. It is no secret that the hedge fund industry is viewed negatively by a la

  2. Private credit comes into focus for investors[more]

    Bailey McCann, Opalesque New York: As investors look for a way out of the low yield/no yield environment, private credit is becoming an increasingly attractive asset class, according to a white paper from Bayshore Capital Advisors. Private credit has grown steadily since the financial crisis as

  3. Other Voices: The role of diversification in CTA portfolios[more]

    2014 brought a resurgence of managed futures strategies, or CTAs, which performed very well as a whole, outperforming all other hedge fund strategies. However, a closer look reveals that there was a wide range of performance, or return dispersion, across managers. The bottom line? Not all CTAs

  4. Neuberger Berman unit buys 20% stake in activist hedge fund Jana Partners for $2bn[more]

    Komfie Manalo, Opalesque Asia: Neuberger Berman’s unit Dyal Capital Partners bought a 20% stake in activist hedge fund firm Jana Partners worth $2bn, WSJ.com reports. The deal comes as activi

  5. Hedge fund launches fall again, $1bn funds found to outperform even smaller hedge funds[more]

    Komfie Manalo, Opalesque Asia: The number of new hedge fund launches fell again in 2014, the third consecutive year of decline, while fund liquidations saw their first drop since 2010, according to the latest HFR Market Microstructure Industry Report released by industry data provider HFR. Acc

 

banner