RPT-CORRECTED-UPDATE 1-SAC Capital's Asia head is leaving after 10 yrs -sources

Mon Apr 16, 2012 1:51am EDT

By Nishant Kumar

HONG KONG, April 13 (Reuters) - 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. Before transfering to Asia, Luo had worked for SAC in Stamford, Connecticut, the firm's headquarters.

"He was the employee No. 1 in Asia," one of the sources with direct knowledge of the matter said.

Luo did not manage money directly. He was the head of Asia Pacific operations.

A spokesman for SAC declined to comment. An email to Luo remained unanswered. The sources declined to be identified as the information was private.

Luo, one of the most high profile hedge fund personalities in Hong Kong, is serving his notice period, sources said.

SAC Capital Advisors generated a return of 8 percent last year.

Luo joins the likes of Carl Huttenlocher, the former Asia head of JPMorgan Chase & Co's Highbridge Capital, and Alp Ercil, a partner and the head of New York-based hedge fund Perry Capital in Asia, who quit their firms last year.

Huttenlocher launched his own hedge fund Myriad on Dec. 1 with about $300 million and is expected to raise $2 billion by mid-2012.

Ercil is preparing to launch his firm Asia Research & Capital Management Ltd later this year.