SAC Capital's London office is reportedly packing it in.
SAC Capital Advisors LP plans to shut down its London office as the $14 billion hedge-fund firm founded by Steven A. Cohen scales back in the face of insider-trading allegations by U.S. prosecutors, according to a person with direct knowledge of the decision. SAC, headquartered in Stamford, Connecticut, will close down the U.K. office by the end of the year, said the person
Back in December, a bunch of recruiters made the bold claim that following the government's charges against former portfolio manager Mathew Martoma, SAC Capital employees were, if not giving them the time of day, at least waiting a few seconds longer before hanging up the phone. At another firm, the turn events probably would have been cause for concern that the staff would be abandoning ship in short order. Since we're talking about SAC, though, we figured not only would The Big Guy & Co not be concerned about the prospect of mass resignations but would take the opportunity to remind people that this is SAC Capital and at SAC Capital, they don't receive resignation letters, they only issue pink slips, lest anyone be getting any ideas. So you can imagine our shock and horror to find out this happened: