Hedge Funds

SAC looking to hire new risk manager following Schachter's departure


SAC Capital Advisors has begun a search for a new risk management chief, following the resignation and departure of Barry Schachter last month.

The $5 billion operation run by short-term trading star Steve Cohen has gradually evolved into a highly diversified multi-strategy firm and, as a result, SAC is expected to pursue candidates familiar with a diverse array of asset classes.

Schachter himself had come from Caxton Corp., where he managed risk for one of the industry's largest and most diverse multi-strategy funds. He worked at Stamford, Connecticut-based SAC for nearly two years.

Schachter's plans were not revealed,