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
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