CORRECTED-SAC Capital's Asia head is leaving after 10 yrs -sources

By Nishant Kumar

HONG KONG, April 13 (Reuters) - Corrects story to show that Luo did not manage money for SAC. He headed Asia Pacific operations.

Jay Luo, SAC Capital Advisors' head in Asia, is leaving Steven A. Cohen's $14 billion firm, two sources said, in one of the most high-profile departures for some years in the regional hedge fund industry.

It was not clear where Luo is headed and why he left SAC Capital after 10 years at one of the world's biggest hedge funds.

"He was the employee No. 1 in Asia," one of the sources with direct knowledge of the matter said. Luo headed the Asia Pacific office for SAC but did not manage money himself.

A spokesman for SAC was not immediately available to comment. An email to Luo remained unanswered. The sources declined to be identified as the information was private.