The firm, now managing only founder Steven A.
Cohen's $9 billion personal fortune, will combine its three U.S.
stock divisions and macro business into two new entities slated
to start operating in April, Cohen and SAC President Tom
Conheeney wrote in a letter to employees, which was seen by
SAC's quant business, where traders rely on mathematical
algorithms to trade, will operate in a separate, newly formed
entity and the firm is creating a new position of chief
surveillance officer, the letter said.
"We are also strengthening our compliance structure. We will be
augmenting our compliance capabilities with the new position of
Chief Surveillance Officer ("CSO"), reporting to Tom," the
Late last year the Stamford, Connecticut-based firm plead guilty
to the government's charges, agreed to a $1.8 billion fine and
promised to stop managing money for outsiders. In the letter,
Cohen said that former clients got their money back in January.
"We are committed to doing everything in our power to ensure we
never go through again what we have experienced over the last
few years," the pair said.
(Reporting by Svea Herbst-Bayliss;
editing by Bernard Orr)
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