(Updates with departure of former fund managers in fifth paragraph.)
Jan. 8 (Bloomberg) -- Carmignac Gestion SA, a Paris-based asset manager, hired a four-person equity team from SAC Capital Advisors LP in London to oversee 1.6 billion euros ($2.2 billion) invested in European stocks.
Muhammed Yesilhark will run Carmignac’s Grande Europe fund and its long-short Euro-Patrimoine fund, the company said in a statement today. Yesilhark will co-manage the firm’s small and mid-capitalization Euro-Entrepreneurs equity fund with Malte Heininger, who also joined from SAC, according to the statement.
SAC, the Stamford, Connecticut-based hedge-fund firm founded by Steven A. Cohen, said in October that it would close its London office to scale back in the face of an insider- trading investigation by U.S. prosecutors. Former SAC London traders have already been offered jobs by hedge-fund firms including Moore Capital Management LP, BlueCrest Capital Management LLP and Balyasny Asset Management LP.
Carmignac said it also hired Huseyin Yasar and Saiyid Hamid from SAC, where they worked as analysts under Yesilhark, according to the statement. Carmignac oversees 55 billion euros, its website shows.
The Carmignac European equity funds were previously managed by Laurent Ducoin, Francois Joseph Furry and Samir Essafri, who have all left the company, a Carmignac spokesman said.
Cohen, 57, is turning SAC into a company that will manage his and employees’ personal wealth, which is estimated to be about $9 billion, executives at the firm have said. SAC agreed in November to close its hedge funds to outside investors and pay $1.8 billion to settle government charges that it profited from illegal tips about companies.
--Editors: Keith Campbell, Steve Bailey