• 21 Mar 2014 at 9:30 AM

Departure Watch ’14: SAC Capital

Apparently not everyone considers the chance to add a Point72 Asset Management fleece to their collection enough of an incentive to continue working at firm where 10 people and counting have been charged with insider trading, and CIA technology is used to monitor employee activity.

One of Steven A. Cohen’s most-trusted portfolio managers is planning to strike out on his own, according to people familiar with the matter, the highest-profile departure from the hedge-fund firm since it was tarnished by an insider-trading scandal. Gabriel Plotkin, a portfolio manager who focuses on consumer stocks and has managed more than $1 billion in positions for Mr. Cohen’s SAC Capital Advisors LP in recent years, will leave by the end of the year to start his own firm, the people said. Mr. Plotkin decided to leave in part because he had grown tired of the scrutiny brought on by the charges against others at the firm, according to a person familiar with his thinking…Mr. Cohen is expected to invest in Mr. Plotkin’s fund. It isn’t clear how much Mr. Cohen will invest, but the amount could be more than $200 million, the people said.

Top SAC Capital Portfolio Manager to Start Own Hedge Fund [WSJ]

Earlier: Garment-Makers Working 24/7 To Have Point72 Fleeces Ready By April 7; A Short List Of Things Steve Cohen Really Doesn’t Need Right Now

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Comments (5)

  1. Posted by guest | March 21, 2014 at 1:08 PM

    this one hurts.

    -sc

  2. Posted by Guest | March 21, 2014 at 1:21 PM

    The Plotkin thickens.

  3. Posted by Guest | March 21, 2014 at 1:28 PM

    cia technology working already….?

  4. Posted by 3/50 Capital GP | March 21, 2014 at 1:32 PM

    especially when he bangs you for 3 and 50 next year..

  5. Posted by Martoma | March 22, 2014 at 2:29 AM

    Need a #2? I am closer to everything…