Three traders have left Steve Cohen’s SAC Capital Advisors to a rival firm amid the hedge fund’s ongoing insider trading charges.
CNBC reported that Andres Anker, Alexey Chentsov and Santiago Falconi left Connecticut-based SAC within the last month to join Israel Englander’s New York-based Millennium Management, which like SAC, also employs dozens of smaller portfolio teams to buy and sell thousands of securities quickly.
According to an earlier eVestment article, SAC announced to its staff for the second time since its insider trading probe that it is giving portfolio managers retention bonuses in an effort to keep the number of employees at bay.
SAC was charged with fraud on July for allegedly allowing insider trading to go unchecked from 1999 through at least 2010. The Securities and Exchange Commission also charged Cohen for failing to prevent insider trading at the firm.
SAC had about $14 billion in total assets under management as of July 1. Millennium manages approximately $18.5 billion in assets.