Gabriel Plotkin, one of SAC Capital Advisors LP’s top money managers, plans to leave by the end of the year to start his own hedge-fund firm with the backing of his boss, billionaire Steven A. Cohen.
Plotkin, 35, who oversaw more than $1 billion including leverage at the Stamford, Connecticut-based firm, may get more than $200 million from Cohen, according to a person with knowledge of the plans, who asked not to be identified because the information is private.
Plotkin is the latest SAC money manager to pursue his own venture after the company agreed in November to plead guilty to securities fraud and switch to a firm that manages Cohen’s wealth. SAC, which is changing its name to Point72 Asset Management, said in February it shrunk its headcount to 850 people from 1,000.
Vishal Ghiya resigned from his role in January, telling management he plans to start his own hedge-fund firm, a person with knowledge of the matter said at the time. Nick Tiller, who traded more than $1 billion in energy stocks, retired last year to focus on a charity he founded.
Plotkin didn’t respond to e-mails and telephone messages yesterday seeking comment on his plans.
The money manager was a recipient of an e-mail from convicted former SAC analyst, Jon Horvath, that contained nonpublic information on technology stocks, according to court testimony. Plotkin, who worked at North Sound Capital LLC and Citadel LLC before joining SAC, hasn’t been accused of any wrongdoing.
SAC agreed to close to outside clients and pay $1.8 billion to settle U.S. charges of insider trading. Eight former employees have pleaded guilty or been convicted of using confidential and material information to profit, while two have settled with federal regulators without admitting or denying wrongdoing.