Tuesday, 26 July 2016
Last updated 5 hours ago
Oct 1 2013 | 10:29am ET
One of Steven Cohen's top lieutenants at SAC Capital Advisors is leaving the scandal-plagued hedge fund.
Nick Tiller is retiring from SAC after a dozen years. The energy trader was among only a few portfolio managers at the firm to run $1 billion or more.
Tiller said he considered retiring last year, but decided to stay on "to help the firm and my team for another year."
"Despite extreme scrutiny, we kept investing, and kept delivering results through solid fundamental research and good trading," Tiller said in a statement. He said he plans to spend more time with his family and to focus on his charity, Sustainable America, which aims to slash U.S. oil consumption by half and increase food availability by half over the next two decades.
"We thank Nick for his years of hard work at SAC, wish him well in his retirement and expect that he will make Sustainable America as successful as he made his 12-year career as a portfolio manager at SAC," the hedge fund said.
Tiller's exit comes as SAC faces criminal insider-trading charges. The firm is also in the process of returning substantially all of its outside capital to investors, who headed for the doors in the wake of the indictment.