Departure Watch '14: SAC Capital

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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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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: