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Cohen’s SAC Capital strengthens Asia team

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One of the world’s best known hedge fund managers, Steve Cohen’s (pictured) SAC Capital, has strengthened its equity l/s por

One of the world’s best known hedge fund managers, Steve Cohen’s (pictured) SAC Capital, has strengthened its equity l/s portfolio management team by making a number of key hires in Hong Kong reported AsianInvestor this week. Joining the USD14billion hedge fund from Brevan Howard is Shantanu Nagpal, who’d only been working there as a portfolio manager since the beginning of 2010. A second portfolio manager, Frank Ho, joined the firm in June from Highbridge Asia, a division of the JP Morgan-owned hedge fund that Carl Huttenlocher headed up before departing earlier this year. Also joining the firm in a business development role is Joyce Ho from Swiss fund of funds firm, Harcourt. Separately, SAC Capital may have suffered a one-day paper loss of around USD196million in Seattle-based drugmaker, Dendreon Corp, after its share price tanked following the withdrawal of its 2011 revenue estimate, reported Bloomberg. In early August it was trading at around $35. News of the announcement saw it fall to USD11.6. SAC Capital, according to a regulatory filing, is the biggest shareholder in Dendreon, holding 8.2million shares.

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