Hedge Funds

SAC gets personal with non-compete


There have been all sort of non-competes written into employee contracts by hedge fund groups, but none has been quite as specific or personal as the one that has recently been introduced by Steve Cohen's $4.5 billion SAC Capital Advisors. In what may seem like a bizarre twist, the firm has begun to specify the firms where its incoming employees can't go when they leave.

So far, only one firm has turned up in SAC's hiring documents: Balyasny Asset Management, a $1 billion firm run by former Schonfeld Securities proprietary trader and short-term trading talent Dimitry Balyasny.

Which firm