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SAC Plans to Close London Office, Cuts Six U.S. Positions

SAC Capital Advisors LP plans to shut 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, based in Stamford, Connecticut, will close the U.K. office by the end of the year, President Tom Conheeney wrote in a memo sent to employees today. SAC employs more than 50 people in London, according to a person with direct knowledge of the matter, who asked not to be identified because the firm is private. SAC this week cut six investment jobs in the U.S., Conheeney wrote.