By Nishant Kumar
HONG KONG, April 13 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
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
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
Ercil is preparing to launch his firm Asia Research &
Capital Management Ltd later this year.