Monday, 29 August 2016
Last updated 35 min ago
Sep 16 2013 | 12:29pm ET
SAC Capital Advisors has lost a pair of analysts to Millennium Management and has laid off about a dozen marketing and sales team members.
Alexey Chentsov, a quantitative analyst who spent nine years at SAC, and Santiago Falconi, who worked there for seven, were named portfolio managers at Millennium. They will work for former SAC portfolio manager Andres Anker, who left the embattled hedge fund earlier for Israel Englander's shop.
The hires appear to put an end to a gentlemen's agreement between Englander and SAC founder Steven Cohen not to poach each other's employees, CNBC reports.
A number of other recent departures from SAC were less voluntary: According to Reuters, the firm several seeks ago laid off about a dozen marketing and sales staffers, bowing to the reality that it will soon manage little if any outside capital and has little hope of raising more while it is fighting criminal insider-trading charges.
Those layoffs, and the Millennium exits, aside, SAC has not seen a flood of departures from its investment staff, Reuters reports. The firm has recently announced another round of retention bonuses as it seeks to hold on to talent.