SAC to Close London Office Amid U.S. Insider Probe
Oct. 22 (Bloomberg) -- 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.
SAC, headquartered in Stamford, Connecticut, will close down the U.K. office by the end of the year, President Tom Conheeney wrote in a memo sent to employees today. The firm this week cut six investment professionals in the U.S., Conheeney wrote. Katherine Burton reports on Bloomberg Television's "Market Makers."