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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 Portfolio Manager Leaves for BlueCrest

Oct 21, 2013
Jing Chen

Lia Forcina is the latest SAC Capital Advisors portfolio manager to leave amid the hedge fund’s ongoing insider trading charges.

Bloomberg reported that Forcina, who managed more than $700 million at Connecticut-based SAC’s London office, agreed to join BlueCrest Capital Management this month.

Forcina, who joined SAC in 2011, is among a growing list of SAC employees who have left in recent months to join rival firms such as BlueCrest, as well as New York-based Millennium.

According to an earlier eVestment article, SAC announced to its staff for the second time since its insider trading probe that it is giving portfolio managers retention bonuses in an effort to keep the number of employees at bay.

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. London-based BlueCrest manages approximately $35 billion in assets.

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