SAC Capital Advisors, the hedge fund behemoth run by Steve Cohen, is planning a push into fixed-income. The firm has traditionally been more focused on equities, but has started to diversify over the past few years. SAC is now seeking to hire a head of fixed-income for the first time, according to an official close to the firm.
The firm dedicates a small effort to fixed-income trading, but no partner focuses exclusively on the subject. The fixed-income chief will look to hire a team that will most likely focus on interest rate and currency plays. This follows a similar move the firm made last year for diversification purposes. It created a quantitative group and hired Neil Chriss, formerly a portfolio manager at Goldman Sachs Asset Management, to lead that effort (DW, 1/6).
SAC has roughly USD4.5 billion in assets and is one of the 40 largest hedge funds in the world, according to Alpha magazine's Hedge Fund 100. Julie Horn, a spokeswoman for SAC, declined comment.
