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The architect of SAC Capital’s extensive compliance policies and procedures within its exceptional supervisory structure is on the way out. And not, as you might think, due to certain guilty pleas to non-compliant behavior or felony convictions for the same, but because the new smaller, kinder, gentler, family-friendly SAC (or whatever it’s going to be called) won’t be doing any of the things it might have done in the past, and therefore does not need to spend quite so much money on compliance anymore.
Steven L. Kessler, the chief compliance officer at SAC Capital Advisors, will step down on Feb. 28, marking the latest turn in the final chapter of Steven A. Cohen’s once wildly successful hedge fund.
Mr. Kessler, who worked at SAC for nine years, will leave the firm to spend more time with his family, according to a memo sent to the firm on Friday. John Casey, another SAC compliance officer will take Mr. Kessler’s position….
SAC, which once said it had spent tens of millions of dollars on compliance and brought in heavyweight lawyers like Mr. Kessler, who was a compliance officer at Goldman Sachs for 13 years before moving to SAC, will no longer need to spend as much money on compliance as it moves to a leaner version of its former self, according to people familiar with the hedge fund.