By Svea Herbst-Bayliss
Oct 2 Three portfolio managers who worked for
Steven A. Cohen's SAC Capital Advisors in London have left the
hedge fund, which is currently fighting criminal insider trading
Alidod Shirinbekov, Woei Chan and Paul Crouch no longer work
at Cohen's SAC Global Investors LLP unit, according to filings
dated Sept. 26 on the UK's Companies House website.
A spokesman for SAC declined to comment on the news, which
was first reported by Bloomberg. The men could not be reached
for comment. Crouch and Chan were quantitative portfolio
managers, according to their LinkedIn profiles.
The website listed the men's appointments as being
terminated but did not give details on why they left. Their
departures came after review season.
Last month SAC offered retention bonuses to some staff for
next year after the U.S. government charged the $14 billion firm
with securities and wire fraud, prompting outside investors to
pull nearly all of their capital. The firm has denied all
The news comes one day after SAC energy portfolio manager
Nick Tiller told colleagues he was retiring. In an email, Tiller
said he is looking forward to spending more time with his family
and wants to take a "real vacation" where he doesn't have to
monitor and trade his portfolio by mobile phone all day long. A
copy of the email was seen by Reuters.
He said he plans to devote time to his charity, Sustainable
America. "Through Sustainable America I'll be working to help
build more sustainable and less vulnerable food and energy
systems after years of researching and profiting from those same
sectors," Tiller wrote.
SAC let about a dozen marketing and sales people go as it
became clear that it would not be attracting outside capital as
it defends itself against the government charges. So far there
has been no mass exodus on the investment side at the firm,
which employs roughly 900 people and has been known for periodic
turnover as analysts and portfolio managers leave the
high-pressured firm after a few years.