Breaking News From The SAC Alumni Association Newsletter

Please welcome our newest member, Tom Conheeney SAC ’99-’14! Tom, whom you all know very well, is joining the alumni association from Point72 Capital Management after having served faithfully alongside—not to say under the thumb of!—Steve Cohen for a decade and a half. And best of luck to future member Doug Haynes ’14.

Tom Conheeney, who helped run Steven A. Cohen’s investment firm, is leaving after 15 years to be replaced by a former McKinsey & Co. managing director….

“Among his many accomplishments, he led us through the 2008 financial crisis, the 2010 aftershocks and the crisis following the revelation of insider trading by former employees at the firm,” Cohen said in the statement.

Since leaving Steve’s nest, Sol Kumin SAC ’04-’13 and Gabe Plotkin Sigma ’06-’14 have been hard at work putting together their new hedge funds, or as they like to call it at Point72, practice for running a family office. And what’s harder when setting up a new hedge fund than picking a name? Luckily, Sol and Gabe prove that not every sobriquet has been taken, as the latter has found a piece of geography still available for incorporate and the former defies the notion that some names have gone unchosen for a reason.

The business will be called Folger Hill Asset Management, after the highest point on the Massachusetts island of Nantucket, where Mr. Kumin’s family spends vacations….

Mr. Plotkin, 35, who is in the process of raising up to $1 billion for his fund, has settled upon the name Melvin Capital L.L.C.

The name is a tribute to Mr. Plotkin’s grandfather, Melvin Plotkin, said a person briefed on the matter but not authorized to talk publicly about it. Mr. Plotkin’s grandfather, now deceased, was a small-business owner.

Now, he doesn’t want to brag or anything, but Sol just wants to point out that someone has just agreed to give him twice what Steve is giving Gabe.

Former SAC Capital Advisors LP executive Solomon Kumin has secured a $400 million investment from Leucadia National Corp….

An agreement signed late last week finalized plans to make Leucadia the biggest fund investor and near-50% owner of Mr. Kumin’s firm, the people familiar with the developments said.

Ex-SAC Executive Kumin’s Hedge-Fund Firm Gets Leucadia Investment [WSJ]
A Former Top SAC Capital Traders Names New Hedge Fund [DealBook]

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Comments (3)

  1. Posted by read the sign | August 18, 2014 at 2:34 PM

    *Asset Management

  2. Posted by guest | August 18, 2014 at 5:22 PM

    I am glad they got somebody from McKinsey to clean that place up.

  3. Posted by JP10x | August 22, 2014 at 4:39 PM

    Edge, baby!