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01 Jul 2008 08:54

Getting SACked

By Richard Beales

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Context News

SAC Capital, the $16bn hedge fund run by Steven Cohen, has scaled back its fixed income activities to focus on liquid global macro and select credit strategies.

Departures from the fund, which only in recent years began adding fixed-income strategies to its traditional long-short equity business, have included both traders and back office staff.

Bloomberg reported on Friday that Mark Davies, a Bear Stearns credit specialist who joined SAC in 2007 to expand its fixed-income business, was leaving the fund.

Steven Cohen’s $16bn hedge fund has cut its fixed income business down to the basics. For out-of-work bankers hoping hedge funds will snap them up, it’s an ominous sign. With chunks of the credit markets illiquid - or discredited - and leverage scarce, activity is withering.

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Getting SACked

Context News