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REPORT: SAC Capital Is Going To Shut Down Its London Office

Julia La RocheOct 22, 2013, 20:54 IST

REUTERS/Steve Marcus

Bloomberg News reports that Stamford, Connecticut headquartered SAC Capital Advisors plans to shut down its London office by the end of this year.

A bunch of portfolio managers in SAC's London unit, SAC Global Investors, have already left the office located at St. Martins Court on 10 Paternoster Row.

Back in July, SAC, which is run by billionaire Steve Cohen, was criminally indicted in federal court in New York for insider trading offenses committed by "numerous employees". SAC was charged with four counts of securities fraud and one count of wire fraud.

This year, the hedge fund, which employees 950 people globally, has been hit with a slew of redemptions. What's more is many traders and portfolio managers have jumped ship for rival firms.

SAC may end up paying a record fine of $1.8 billion to settle the charges.