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Check out the latest news and insight from the ever-evolving world of institutional investing and hedge funds from around the globe.

Jing Chen has been eVestment’s hedge fund industry news reporter since 2011. To submit industry-related press releases or request feature ideas please contact her at editor@evestment.com

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SAC Offers Retention Bonuses to Portfolio Managers

Sep 05, 2013
Jing Chen

Steve Cohen’s SAC Capital Advisors is desperate to retain its staff as the hedge fund faces charges of securities fraud.

Reuters reported that SAC is giving portfolio managers working on long/short equity, macro and quantitative strategies an automatic 3.5% retention bonus next year if they remain at the firm.

This is the second round of retention bonuses announced by SAC since its insider trading probe. According to an earlier eVestment article, SAC increased bonuses earlier this year to its equity, macro and commodity portfolio traders by 3%.

SAC was charged with fraud on July for allegedly allowing insider trading to go unchecked from 1999 through at least 2010. The Securities and Exchange Commission also charged Cohen for failing to prevent insider trading at the firm.

SAC had about $14 billion in total assets under management as of July 1.

 

 

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