SAC Capital Loses Hong Kong Staff At A Critical Time

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SAC Capital Advisors has lost seven Hong Kong staff and relocated five others, but the hedge fund had declined to explain the departures.

Sources said that the departures were ill-timed, coming at a time when investors have submitted redemption notices for $1.7 billion of the $15 billion fund following an investigation on insider trading in the U.S. that led to the arrest of Michael Steinberg, a veteran portfolio manager.

Analysts are also looking at a broader picture in the Asian hedge fund industry where the investment returns have not met expectations.

Despite the staff departures, SAC Capital Advisors said they see dynamic opportunity in the Asia and Japan market and it intends to continue building its business in the region.

Sources said SAC has added three people to its team in Hong Kong this year. It is also setting up an office in Japan.

Tags
SAC Capital Advisors LP, Insider trading

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