Tuesday, 21 April 2015
Last updated 11 hours ago
Mar 21 2014 | 11:12am ET
One of SAC Capital Advisors’ top money managers will leave the embattled hedge fund to launch one of his own—with founder Steven Cohen’s blessing.
Gabriel Plotkin, who works at SAC’s Sigma Capital Management unit, will depart by the end of the year. The consumer-stock specialist will then set up his own operation, backed by Cohen, who is expected to invest $200 million or more with Plotkin’s firm.
In recent years, Plotkin has managed more than $1 billion at SAC. But the firm has returned outside capital and is becoming a family office—it will change its name to Point72 Asset Management next month—following its guilty plea to insider-trading charges. Plotkin’s decision to leave stems in part from the scrutiny SAC now faces, The Wall Street Journal reports.
Plotkin has not been accused of wrongdoing in any of the insider-trading cases that have ensnared 10 former SAC employees and the firm itself. But he has not been unscathed: Reuters reports that he was the subject of an investigation into SAC’s trades in Weight Watchers International shares in 2011. His name also emerged during the trials of three former hedge fund managers convicted of insider trading, including former SAC portfolio manager Michael Steinberg’s last year. In the latter, Plotkin is said to have received an e-mail from Steinberg’s analyst containing insider information.
SAC has insisted that Plotkin “did nothing wrong.”
Plotkin worked at hedge funds Citadel Investment Group and North Sound Capital before joining SAC in 2006.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…