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SAC Shuts Sigma Debt Unit, Cuts Fixed-Income Trades

SAC Capital Advisors LLC, the hedge- fund firm run by billionaire Steven Cohen, is shutting the debt business of its Sigma Capital Management LLC unit as part of broader bond-trading cutbacks, according to two people with knowledge of the decision.The firm, which oversees $16 billion, will close the business on June 30, eliminating about eight employees, said the people, who asked not to be identified because the move hasn’t been made public. Mark Davies, hired from Bear Stearns Cos. in 2007 to expand SAC Capital’s fixed-income investing, is leaving the company.

SAC Capital is shifting the focus of its debt trading, said one of the people, who declined to be more specific. Some of the money SAC Capital had in fixed-income assets will be redeployed to equities, the person said.

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