SAC-Backed Startup Switches Admins., Picks Citi

May 11 2010 | 4:28pm ET

A new hedge fund founded by former SAC Capital Advisors portfolio managers has picked Citigroup to serve as its administrator.

Dorsal Capital Management was founded in September by Jeff Barnett, Oliver Evans and Ryan Frick, the latter two formerly of SAC. SAC founder Steven Cohen is said to be a seed investor in the fund, a technology and consumer equity long/short vehicle.

Citi Investor Services replaced Gravity Financial as the fund’s administrator.

“Dorsal Capital—with its SAC Capital heritage and management strength—was a highly anticipated west coast hedge fund launch in 2009," Citi’s Neeraj Sahai said. "We are very pleased to be selected to provide these fund services, and we look forward to delivering superior administrative solutions to support the funds initial development and continued growth.”

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