SAC Employees Seeking New Jobs May Have To Provide References That Come From Someone Not Convicted Of Insider Trading, Says Guy

Author:
Publish date:

Four days after the U.S. government indicted SAC Capital Advisors LP, describing it as a “veritable magnet for market cheaters,” founder Steven A. Cohen walked around the firm’s Manhattan offices on Madison Avenue and spoke with employees, telling them that “bad apples” exist in any organization. As Cohen, 57, sought to assure employees that business will continue as usual at the 21-year-old hedge-fund firm, many of his portfolio managers, analysts and traders were already reaching out to friends, hedge funds and recruiters in the hope of landing jobs next year when they expect SAC will need far fewer employees, according to people who have spoken to them. Getting those jobs won’t be easy for many investment professionals, as the charges against SAC raise concern about reputational damage...Even if firms are willing to hire a former SAC employee, the process will take longer and the due diligence and background checks will be more thorough, said Michael Martinolich, a New York-based partner at recruitment firm Caldwell Partners. “SAC employees may have to go the extra mile by providing additional, objective references to prove their credibility,” he said. [Bloomberg]

Related