Several traders at embattled hedge fund firm SAC Capital Advisors traders are leaving to join a rival firm.
CNBC reported that Louis Bacon’s Moore Capital Management, which has offices in London and New York, met with members of SAC’s investment management team in London in the past few weeks and has extended offers.
While the names of the employees were not disclosed, the article said that it has been confirmed that they are part of SAC’s long/short and macro divisions.
Connecticut-based SAC is planning to close its London office by the end of the year as the firm transitions into a family office following its guilty plea to insider trading in November. A grand jury charged SAC in July with wire fraud and four counts of securities fraud for allegedly allowing insider trading to go unchecked from 1999 through at least 2010. The SEC also charged SAC founder Steve Cohen in a civil lawsuit for failing to prevent insider trading at his firm.
SAC had about $14 billion in total assets under management as of July 1.