Ted Orenstein Joins Hedge Fund Scoria Capital as Senior PartnerTed 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