SAC's Simonian To Set Up Hedge Fund

Jan 16 2013 | 2:10pm ET

A top SAC Capital Advisors portfolio manager is launching his own hedge fund, again.

Charles Simonian, who founded and ran his own firm before joining SAC in 2008, has established Trove Capital Management in New York, Bloomberg News reports. The new firm will launch its maiden fund in March or April, focusing on large-cap companies in the business services, consumer, industrial, media and telecommunications sectors.

Simonian left SAC in September. He worked at the firm's Sigma Capital unit, covering the same industries that will be traded by Trove, and last January was added to SAC founder Steven Cohen's own team, the Cohen Account, to oversee industrials.

Another former SAC portfolio manager, Josh Fischer, will serve as Trove's director of research. The new firm also has a CFO and may hire an analyst or two.

Simonian, who left SAC prior to the arrest of former portfolio manager Mathew Martoma that sent the firm into turmoil, managed his own firm, Exton Capital Management, from 2005 to 2007. He formerly worked at Gracie Capital and Atticus Capital.

Trove has a capacity of at least $1 billion and will impose a one-year soft lockup. Goldman Sachs and JPMorgan Chase will serve as prime brokers.


In Depth

'Smart Beta' Funds In Regulators' Sights, Hedgies May Be Next

Mar 26 2015 | 11:11am ET

Funds that mimic strategies used by active managers for a fraction of the cost could...

Lifestyle

Study: Both Marriage and Divorce Lead to Negative Hedge Fund Performance

Mar 25 2015 | 6:51pm ET

Trouble at home leads to trouble in the market for fund managers, according to researchers...

Guest Contributor

Concerned About Your HFT Exposure? Hedge It!

Mar 26 2015 | 1:06pm ET

High-frequency trading has been a persistent storyline for several years. The trading...

 

Sponsored Content

    Mar 9 2015 | 6:35am ET

    Kelly RodriquesKelly RodriquesAs more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…

Editor's Note