As beleaguered hedge fund SAC Capital transitions to a family office, its former employees are heading to rival outfits.
CNBC’s Lawrence Delevingne reported late last year that Louis Bacon’s Moore Capital Management was looking to hire SAC’s London-based traders.
Now it’s official.
A team of nine SAC employees (seven portfolio managers and two analysts) will head to Bacon’s $US12.1 billion fund, the Wall Street Journal’s Harriet Agnew reports.
That’s the largest SAC group to move together following the closure of SAC’s London office at the end of last year, according to the report.
In November, SAC agreed to pay almost $US2 billion in penalties after a years-long insider trading probe. Steve Cohen, SAC’s billionaire chief, still faces a civil suit from the SEC but hasn’t been charged criminally (some of his traders have).