Monday, April 15, 2013

Oops! Now SAC Capital loses staff in Hong Kong

At the worst of all possible times…SAC Capital Advisors, run by hedge fund titan Steven A. Cohen, has lost seven staff in Hong Kong and relocated five others there to New York and London, according to regulatory filings and people familiar with the matter told YahooFinance.

The departures come at a challenging time for the firm, with investors in February submitting redemption notices to pull around $1.7 billion from the $15 billion fund following a U.S. insider trading probe. Cohen has not been accused of wrongdoing, but the investigation led to the arrest of veteran portfolio manager Michael Steinberg in March, one of Cohen's closest confidantes….

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