Object of harassment suit starts fund

A former SAC Capital Advisors LLC trader accused of workplace harassment is looking to raise $500 million for his own hedge fund, according to Bloomberg. Ping Jiang started Ping Capital Management LLC at the end of April. He had left SAC Capital, a $16 billion hedge fund firm, a month earlier. Ping Capital, which trades emerging-market bonds, currencies, commodities and equities, has about 16 employees working out of New York and Shanghai, according to the Bloomberg report. Mr. Jiang was a global macro manager at Stamford, Conn.-based SAC Capital for about three years. Previously, he worked at Lehman Brothers Holdings Inc. of New York, where he was the head of proprietary trading in global currencies, bonds and commodities. Andrew Tong named Mr. Jiang and SAC Capital in a complaint filed in New York State Supreme Court alleging that Mr. Tong was subjected to ``sexual harassment, a hostile work environment, discrimination and retaliation by defendants,'' according to court documents dated May 17. Judge Bernard Fried ruled that Mr. Tong must submit to arbitration. Mr. Tong's appeal was presented on June 3. A decision is pending.