Ted Orenstein Joins Hedge Fund Scoria Capital as Senior Partner
Ted Orenstein, a former top portfolio manager for Steven A. Cohen's hedge fund SAC Capital Advisors, has been appointed by Scoria Capital, a hedge fund founded by another SAC alumnus, as senior partner and head the industrials sector.
The firm's founder, Larry Sapanski, wrote to investors in a letter dated December 16 and seen by Reuters.
Orenstein
oversaw as much as $1 billion at SAC, the $14 billion hedge fund that
became Point72 Asset Management after it pleaded guilty to insider
trading charges last year.
Earlier
this year, Orenstein was one of several traders and other top
executives to leave Cohen as his firm was forced to return money to
outside clients as part of the plea. Cohen now runs a family office that
invests his personal money.
While
some of the other SAC alums who left Cohen this year announced plans to
launch their own firms, Orenstein is joining an established fund,
launched by Sapanski 15 months ago, that manages roughly $235 million.
Source: Reuters