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Top SAC Capital Portfolio Manager Departing to Launch HF

Mar 23, 2014
Jing Chen

One of SAC Capital Advisors’ top portfolio managers is planning to leave the firm as it transitions into a family office so he can start his own hedge fund.

The Wall Street Journal reported that Gabriel Plotkin, who focuses on consumer stocks and has managed more than $1 billion for Connecticut-based SAC, will depart by the end of the year. Plotkin’s departure was partly prompted by the scrutiny SAC has attracted in the last several months as a result of insider trading charges.

Plotkin has not been been accused of wrongdoing. 

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.

The firm has also renamed itself Point 72 Asset Management--which will take effect next month--while various funds at the firm will be renamed Point72, EverPoint Asset Management and Cubist Systematic Strategies.

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.


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