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SAC Capital Advisors, the hedge fund headed by billionaire investor Steven A. Cohen, will hire a chief surveillance officer to make sure that it will not experience any insider trading investigations again. In November of last year, the hedge fund pleaded guilty to securities fraud, agreed to pay a penalty of $1.2 billion, and to stop managing investments from outside investors.
The chief compliance officer will be responsible in monitoring their trading practices, flow of external information into the hedge fund, the user of independent research, among others. The person who will assume the position will directly report to Tom Conheeney, president of SAC Capital.
“We are committed to doing everything in our power to ensure we never go through again what we have experienced over the last few years,” according to Cohen and Conheeney in a memo to employees. Federal prosecutors described the hedge fund as a “veritable magnet for market cheaters.” Eight employees of SAC Capital pleaded guilty to insider trading or were convicted in a trial.
SAC Capital chief compliance officer resigned
SAC Capital plans to hire a former prosecutor or securities regulator to serve as chief surveillance officer, and expects to fill the position this spring. The hedge fund recently announced that its chief compliance officer, Steven Kessler, will step down from his position by the end of February. John Casey, chief operating officer of the firm’s compliance department will assume Kessler’s position temporarily.
SAC Capital family office
SAC Capital also informed its employees that it would consolidate some of its operating divisions as it converts the hedge fund into a family office. It will announce a new name for the firm in April. The firm already completed returning the money of outside investors excluding the investments in the so-called “side pockets.”
According to the firm, the number of its employees declined to 850 from 1,000 early last year. SAC Capital already closed its office in London and some of its employees resigned to join other firms. The hedge fund said it will combine its four long/short, and macro divisions into two over the next few months.
SAC Capital also announced that Dough Hayes, former director of McKinsey & Co. will join as a member of its executive committee.
Cohen and Conheeney said, “We have been through a few challenging years. But the changes we have announced and will be announcing will make us a stronger firm as we move forward together.”