SAC Capital Advisors portfolio manager Brian Younger is leaving to join rival hedge fund firm BlueCrest Capital Management.
The Wall Street Journal reported that Younger, who joined SAC in 2008 from Fidelity Investments, is expected to start at Guernsey-based BlueCrest’s New York office at the end of the month. Younger is the latest SAC employee to depart the firm as it transitions into a family office following an insider trading scandal.
SAC, which pleaded guilty in November to insider trading, 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. As a result, the firm agreed to pay a record $1.8 billion fine and to be barred from managing external capital for five years.
SAC, which had about $14 billion in total assets under management as of last year, is expected to manage about $9 billion once the firm completes its transition to a family office.