A team of former SAC Capital Advisors employees raised about $90 million for the launch of their new hedge fund firm.
The Connecticut Post reported that Electron Capital Partners, led by portfolio manager Jos Shaver, began trading four months ago and opened to outside investors in May. Shaver and his team--Neil Choi, Peter Suozzo, Ran Zhou and Jeff Zheng-- all left SAC in 2012 after working together in the firm’s long/short global utility and infrastructure fund.
In the midst of an insider trading scandal, federal prosecutors indicted SAC Capital for allegedly allowing insider trading to go unchecked from 1999 through at least 2010, while the U.S. Securities and Exchange Commission charged SAC founder Steve Cohen with failing to prevent insider trading at his firm days prior.
SAC, which manages about $15 billion in assets, and Cohen have already informed investors that they would fight the charges and the firm would continue to operate normally.
Electron currently has about $90 million in AuM.