Miaodan Wu, a former portfolio manager at billionaire Steven Cohen’s hedge fund SAC Capital Advisors, is preparing to launch his own hedge fund in Hong Kong, according to a report published by Reuters.
Wu was among at least seven SAC Capital staff who left Hong Kong this year, at a time when Cohen and his firm are drawing increased scrutiny in the US government’s long-running investigation into insider trading.
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The hedge fund, named Bach Option, will launch by the end of 2013, three sources who could not confirm the start-up capital told Reuters.
The amount of money Wu plans to raise is not yet clear.
According to the report, the hedge fund will bet on volatility, which refers to the rate of change in the price of a financial asset.
Wu, who worked for SAC between 2006 and 2013, has hired Henry Ondo, who was previously an equity derivatives sales executive at Citigroup.
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