But getting new jobs might not be that easy.
Bloomberg News reports that four days after the U.S. government indicted SAC Capital Advisors, describing it as a 'veritable magnet for market cheaters', founder Steven A. Cohen walked around the firm’s Manhattan offices on Madison Avenue and spoke with employees, telling them that 'bad apples' exist in any organization.
As Cohen, 57, sought to assure employees that business will continue as usual at the 21-year-old hedge-fund firm, many of his portfolio managers, analysts and traders were already reaching out to friends, hedge funds and recruiters in the hope of landing jobs next year when they expect SAC will need far fewer employees, according to people who have spoken to them.
Getting those jobs won’t be easy for many investment professionals, however, as the charges against SAC raise concern about reputational damage and hedge-fund hiring generally is sluggish.
At least one large hedge-fund manager, the $18bn Millennium Management, doesn’t plan on taking on SAC employees because of the risk that, as the government’s investigation continues, it may end up with an employee who is charged with insider trading, according to two people with knowledge of the firm’s hiring policy.
'If employers see SAC on a candidate’s resume, they’re going to take a longer pause', said John Carley, president of A-L Associates Ltd., a search and consulting firm in New York that services hedge funds. 'But it doesn’t mean they’re going to waive him or her from coming into their organization'.
A limited number of hedge-fund firms are open to considering SAC applicants, among them Bluecrest Capital Management, Citadel and Balyasny Asset Management, said people familiar the firms.
SAC employees hoping to land there will face tough scrutiny and longer hiring processes, according to recruiters.
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