Former SAC Manager Said to Plan Own Hong Kong-Based Hedge Fund

Apr 30, 2014 8:58 am ET

April 30 (Bloomberg) -- Andrew Bazarian, a former manager at SAC Capital Advisors LP, plans to start his own Pan-Asian hedge fund betting on rising and falling stocks, according to a person with knowledge of the matter.

Bazarian left SAC’s Hong Kong office in early March, according to licensing data posted on the website of the city’s Securities and Futures Commission. He was one of four responsible officers in the firm’s Hong Kong office at the time of his departure, according to the data.

The Stamford, Connecticut-based hedge-fund firm headed by billionaire Steven A. Cohen reached a record $1.8 billion settlement over a U.S. government probe of insider trading. The company, which has become a family office and renamed itself Point72 Asset Management LP, agreed to manage money mainly for Cohen as part of the deal and has shrunk its headcount to 850 from 1,000.

Bazarian joined SAC’s main office in 2004 and moved to Hong Kong in 2008, according to the person, who asked not to be identified because the information is private. He managed a Pan- Asia long-short portfolio since 2004 and also oversaw Asian capital markets investments such as those in initial public offerings in his last two years at the firm, the person said.

Jonathan Gasthalter, a spokesman for SAC at Sard Verbinnen & Co., declined to comment on Bazarian’s plans, which were reported earlier by the Wall Street Journal.

SAC managed $11.9 billion in assets as of Feb. 1, falling from $15 billion at the start of 2013 as the firm returned money to investors, according to regulatory filings.

Carl Vine, a former Hong Kong-based SAC manager who relocated to the U.K. last year, is joining Dymon Asia Capital (Singapore) Pte. to start a global equity long-short hedge fund based in Oxford, the U.K., Dymon President Jay Luo said in an interview in February. Vine left SAC after it shut its London office last year.