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SAC Cap Hires Asia Co-head

Jun 19, 2013
Jing Chen

Steve Cohen’s SAC Capital Advisors has hired a former Soros Fund Management employee to co-head its Asia trading desk.

Bloomberg reported that Hong Kong-based Adam Odorczuk, whose license as a representative of Soros’ family office was remove earlier this month, joined SAC on June 13.

In the midst of insider trading allegations, Cohen and five other SAC executives have been subpoenaed to testify before a grand jury on charges relating to trades made by the firm regarding drugmakers Elan and Wyeth, as well as computer maker Dell.

Neither SAC nor Cohen has been charged with any wrongdoing.

Despite heavy redemptions from investors, SAC informed investors earlier this month that it will not transition into a family office.

SAC manages about $15 billion in assets.

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