SAC Lets Go Of Marketing, Sales Team Members Because....Y'Know

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According to a report from Reuters, SAC Capital has laid off "a dozen marketing and sales people," a move that makes sense in light of the fact that the firm is fast headed towards family office status, leaving little/no need for staffers to pitch outside investors. (The ones who held onto their jobs were presumably retained to target the couple of Cohens who need convincing.) In related news, Millenium Advisors has crossed a line in the sand.

A gentlemen's agreement between hedge fund titans Steve Cohen and Izzy Englander not to poach employees from each other appears to be over. At least three investment professionals have left Cohen's embattled Stamford, Conn.-based SAC Capital Advisors for Englander's multistrategy shop Millennium Partners in Manhattan in recent months, according to people familiar with the situation. Alexey Chentsov joined Millennium this month as a portfolio manager focused on quantitative investments in foreign exchange and fixed income. Chentsov was a quantitative analyst at SAC from February 2004 to April of this year. And Santiago Falconi, an analyst at SAC with the firm since March 2006, also left recently to be a portfolio manager at Millennium; he will join in January. Both men will work for Andres Anker, a portfolio manager at SAC who left in June for Millennium after nearly 10 years under Cohen, according to people with knowledge of the firm...The moves aren't a major change to either firm but underscore the upheaval SAC faces since running into trouble with regulators.

SAC sees traders bolt as firm's troubles mount [CNBC]
Some SAC Capital investment staff left for rival firm [Reuters]

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Bonus Watch '13: SAC Capital

Back in December, a bunch of recruiters made the bold claim that following the government's charges against former portfolio manager Mathew Martoma, SAC Capital employees were, if not giving them the time of day, at least waiting a few seconds longer before hanging up the phone. At another firm, the turn events probably would have been cause for concern that the staff would be abandoning ship in short order. Since we're talking about SAC, though, we figured not only would The Big Guy & Co not be concerned about the prospect of mass resignations but would take the opportunity to remind people that this is SAC Capital and at SAC Capital, they don't receive resignation letters, they only issue pink slips, lest anyone be getting any ideas. So you can imagine our shock and horror to find out this happened: