NEW YORK Oct 22 Steven A. Cohen's SAC Capital
Advisors will shut down its London office by the end of the
year, according to a report by Bloomberg that cited an
unidentified person with direct knowledge of the decision.
The reported closure comes as the Stamford,
Connecticut-based hedge fund downsizes in response to a
long-running insider trading investigation.
SAC officials did not respond immediately to a request for
Several senior employees that work for SAC in London have
left the firm in recent weeks, including a number of portfolio
managers, Reuters has reported.
This summer, U.S. prosecutors indicted Cohen's firm, saying
SAC fostered a culture in which employees flouted the law and
were encouraged to tap their personal networks of contacts for
inside information about publicly traded companies.
Reuters has also reported that SAC is close to reaching a
deal with U.S prosecutors to resolve the insider trading case
against the firm, a deal that could come within days and would
likely involve some admission of liability by the firm and a
payment of more than $1 billion.