Brian Cohn, a former president of SAC Capital Advisors LLC, is planning to start his own hedge fund, according to two people with knowledge of the move.
Archeroak Capital Management LP, based in Old Greenwich, Connecticut, is scheduled to begin trading equities by the end of the year, said one of the people, who asked not to be identified because the information is private.
Cohn, 43, left SAC Capital at the start of 2008 after working with founder Steven Cohen, 53, for 11 years. Cohn, who didn’t trade at SAC Capital, had previously spent about four years working for International Fund Services, which provides operations and trading for asset managers and is now a unit of Boston-based State Street Corp.
Joining Cohn are industry heads Jeff Messina, who previously worked at New York-based hedge fund Level Global Investors LP, and Christina Kim, who was at Andor Capital Management LLC, a Greenwich, Connecticut, hedge fund managed by Daniel Benton that closed in 2008. Messina will cover cyclical industries while Kim will oversee technology stocks, one of the people said.
Hedge funds rebounded last year from their biggest loss on record in 2008, and are up about 1.5 percent this year. Last quarter, 254 funds started business compared with 230 in the fourth quarter of 2009, according to Hedge Fund Research Inc. in Chicago.
Cohen started Stamford, Connecticut-based SAC Capital in 1992 and manages about $12 billion.