Unstructured Finance

The new guy sitting at Steve Cohen’s side

January 5, 2012

By Matthew Goldstein

SAC Capital industrials trader Charles Simonian is getting a new job–one that’s very close to Steve Cohen.

The SAC Capital founder is moving Simonian onto his own small team of traders and analysts at the $14 billion firm, say sources. Simonian will work with Chandler Bocklage in overseeing trading in industrial sector stocks for the so-called Cohen Account–a portfolio that manages between $2 billion and $3 billion in gross exposure to the market. (Gross exposure includes the value of long and short positions).

The move comes as SAC Capital ended 2011 posting an 8 percent gain.

As previously reported on Reuters’ Unstructured Finance,  the top performer at Cohen’s fund was consumer products portfolio manager Gabriel Plotkin. His team of half-dozen traders and analysts manages about $1.2 billion of the firm’s money and has generated between $150 million and $200 million in trading profits.

People familiar with SAC Capital say the other 90 some odd portfolio teams, including the Cohen account, produced smaller trading profits in 2011.

In bringing Simonian onto his team–sometimes referred to as simply “COHE” within the firm, it appears Cohen is trying to add some trading muscle to his squad.

Up until now, Simonian has been a portfolio manager with SAC Capital’s Sigma Capital division. He joined the firm in 2008 after running his own fund, Exton Capital, for a brief time.

Blockage, once named a “30 under 30″ top trader by the now defunct Trader’s magazine, long has been seen as a protege of Cohen. Blockage will remain part of Cohen’s team, but the bringing in Simonian to work with him no doubt will put some heat on the trader in 2012.

 

Post Your Comment

We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/
  •