SAC to offer retention bonuses to some staff for next year
BOSTON (Reuters) - SAC Capital Advisors announced a second round of retention bonuses to some employees on Wednesday as the hedge fund attempts to keep staff as the firm faces charges of securities fraud.
SAC, named after billionaire fund manager Steven A. Cohen, told staff that portfolio managers working on long/short equity, macro and quantitative strategies would be paid an automatic 3.5 percent bonus next year if they commit to staying, a source familiar with the fund but not authorized to speak about it publicly said.
Analysts working on long/short equity funds would receive a guaranteed minimum pay of $300,000 for the year, the person said. A SAC official was not immediately available for comment.
SAC previously offered retention bonuses to some portfolio managers for this year.
The news comes just weeks after most outside investors pulled their money from the $14 billion fund in the wake of charges that the fund committed securities fraud by trading on illegally obtained information.
(Reporting by Svea Herbst-Bayliss)
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