Wednesday, 24 August 2016
Last updated 19 hours ago
Dec 11 2007 | 10:56am ET
Another pair of SAC Capital Advisors vets are calling it quits, but this time, fundraising isn’t a problem. Just a week after Rhombus Capital Advisors said it was rolling itself into SAC, Richard Grodin and Ian Goodman, co-founders of New York-based Stratix Asset Management, are boarding up their telecom-, media- and technology-focused shop on Dec. 31.
The SAC vets are returning $350 million to investors and are taking a break from trading, according to Grodin, who said the fund has returned 26% this year and was up 85% last year.
“Look for me on a beach,” he said. Investors should get the entirety of their capital back by January.
Grodin added that he didn’t have any specific plans for the future and declined to speculate on his partner’s future endeavors.
The pair launched Stratix in March 2004 with $165 million.