Slow exodus from SAC Capital continues

Exit Sign

Movement of the people.

The slow exodus of traders and analysts continues from SAC Capital Advisors, the hedge fund founded by Steven A. Cohen.

The New York Times reports that in the wake of the firm’s recent guilty plea on insider trading charges, several traders and analysts have landed new positions at other financial firms.

Among the latest moves, BlueCrest Capital Management, a hedge fund, has hired several employees over the last three months. They include Nicholas O’Grady, a former SAC oil and gas portfolio manager who joined BlueCrest in November after working nearly two years for the Sigma Capital division of Mr. Cohen’s hedge fund.

An energy analyst, Eugene Lipovetsky, joined him at BlueCrest soon after. BlueCrest, which manages $35bn, has already hired Lia Forcina and Alidod Shirinbekov from SAC’s soon-to-be-closed London office.

SAC continues to be under pressure from the insider trading investigation. On Wednesday, one of the firm’s highest-ranking employees to be charged in the inquiry, Michael S. Steinberg, was convicted on five counts of securities fraud.

To access the complete New York Times article hit the link below:

More Employees Depart SAC Capital as Firm Shifts Focus

Ex-SAC Trader is Convicted of Insider Trading

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