Jan. 7 (Bloomberg) -- Dipak Patel, who runs a five-person team investing in technology stocks at SAC Capital Advisors LP, is leaving the hedge fund, according to two people familiar with the matter.
Patel, who worked at the Sigma Capital Management LLC unit and was with SAC Capital since 2002, is winding down his portfolio and transitioning out of the firm in the coming weeks, said the people, asking not to be named because the information is private. One analyst and a trader in Patel’s group will be given new roles at SAC, said one of the people.
Sigma is the New York-based unit of SAC Capital that mainly invests U.S. stocks and bonds, according to the firm’s website. SAC Capital was founded by Steven A. Cohen, 54, in 1992 and manages $12 billion.
Max Jellinek and George Minett, two analysts in the group, also have left, one of the people said. Their departures were reported by Hedge Fund Alert on Jan. 5.
Jellinek joined Chicago-based hedge fund Balyasny Asset Management LP in the past month, according to a person briefed on the matter, who asked not to be named because the hiring hadn’t been announced.
Spokesmen for SAC, based in Stamford, Connecticut, and Balyasny declined to comment.
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