Longtime SAC Capital compliance chief Steve Kessler is leaving the hedge-fund firm after nine years, according to a source familiar with the matter.
Two SAC traders were recently convicted of insider trading, and the firm has been plagued with inquiries during his oversight.
Kessler, whose planned departure was announced in an internal SAC memo on Friday, plans to tend to family and philanthropic issues, according to a source who reviewed the memo. He will remain an advisor to the firm until the end of the year.
John Casey, a senior manager within SAC's compliance unit, will succeed Kessler. Casey, who has been with SAC for about five years, provided witness testimony about the firm's attempts to curb insider-trading activities at the trial of Michael Steinberg, an SAC tech trader who was convicted late last year.
image: © C.P.Storm