SAC Capital Advisors has hired Steven Cusimano, a statistical arbitrage trader at Morgan Stanley in New York, as a portfolio manager. Cusimano was hired by the hedge fund giant as part of an attempt to build its statistical arbitrage competencies, according to an official. As the firm builds its assets it is adopting additional strategies to that of its traditional long/short focus, he noted. SAC manages USD3.8 billion in assets, according to Institutional Investor.
Cusimano reports to Neil Chriss, managing director in New York. Chriss joined SAC from broker ICor around a year ago to increase the hedge fund's assets dedicated to quantitative strategies (DW, 1/6/03). He did not return calls.
Melissa Stonberg, spokeswoman at Morgan Stanley in New York, said the firm has no immediate plans to replace Cusimano.
