One of SAC Capital Advisors’ top executives is leaving the firm in the midst of its transition into a family office.
The Wall Street Journal reported that Connecticut-based SAC chief operating officer Sol Kumin, who will depart at the end of January, decided to resign after reviewing the “evolution of his primary areas of responsibility” as the firm is downsizing its business development activity and investor relations businesses.
Kumin, who oversaw SAC’s investor relations and business development and built the firm’s London and Asia businesses, said in a statement that he is looking forward to spending more time with his family and “recharging.” His professional plans after the departure is unclear.
SAC pleaded guilty earlier this month to insider trading that is awaiting approval from a federal judge. Under the deal, SAC would be barred from managing external capital for five years, thus forcing the firm to transition into a family office.
A grand jury charged SAC 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 in a civil lawsuit for failing to prevent insider trading at his firm.
SAC had about $14 billion in total assets under management as of July 1.