February 15, 2014 / 1:52 AM / 5 years ago

Chief compliance officer to leave SAC Capital Advisors: source

NEW YORK (Reuters) - Steven Kessler, the chief compliance officer at SAC Capital Advisors, is leaving the firm at the end of the month, a source familiar with the move said on Friday.

An exterior view of the headquarters of SAC Capital Advisors, L.P. in Stamford, Connecticut July 25, 2013. REUTERS/Michelle McLoughlin

Kessler, who joined SAC in 2005, is leaving to spend more time with his family, said the source. John Casey will become the firm’s interim compliance chief.

A spokesman for the firm declined to comment.

The departure comes as SAC, once one of the world’s biggest and most successful hedge funds, turns itself into a family office that will manage founder Steven A. Cohen’s $9 billion personal fortune.

The firm was forced to stop managing money for outside investors last November as part of an agreement to plead guilty to insider-trading charges and pay $1.8 billion in penalties.

Kessler, who came to the Stamford, Connecticut-based firm from Goldman Sachs, was one of a handful of top SAC officials who received subpoenas as the government built its case against the firm.

Reporting by Svea Herbst-Bayliss; Editing by Prudence Crowther

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below