The energy portfolio at SAC Capital Advisors is retiring after nearly 12 years at the job.
Bloomberg Businessweek reported that Nick Tiller, who was one of Connecticut-based SAC Capital’s few portfolio managers to manage $1 billion or more, told colleagues in an e-mail that he plans to focus more on the charity he founded called Sustainable America. He also plans to spend more time with family.
Tiller’s retirement comes amidst SAC’s insider trading case. The firm was charged in July with wire fraud and four counts of securities fraud for allegedly allowing insider trading to go unchecked from 1999 through at least 2010. The SEC also charged SAC founder Steve Cohen for failing to prevent insider trading at his firm.
Tiller also said in the e-mail that he considered retiring last year but remained at the firm to help SAC and his team, according to the Bloomberg article.