Sept. 30 (Bloomberg) -- Nick Tiller, an energy portfolio manager at SAC Capital Advisors LP, is retiring from the $14 billion hedge-fund firm run by Steven A. Cohen.
Tiller, who worked at SAC for almost 12 years and was one of only a few portfolio managers to oversee $1 billion or more, plans to focus on Sustainable America, a charity he founded, according to an e-mail sent today to colleagues. He also said he plans to spend more time with his family.
“We thank Nick for his years of hard work at SAC, wish him well in his retirement and expect that he will make Sustainable America as successful as he made his 12-year career as a portfolio manager at SAC,” the firm said in an e-mailed statement.
“After years of researching and profiting from” investments in food and energy, Tiller said he will focus on alleviating shortages in “those same sectors.”
SAC, based in Stamford, Connecticut, was accused by the U.S. in a July 25 indictment of engaging in an unprecedented insider-trading scheme lasting more than a decade. The same month, regulators in an administrative action said Cohen failed to supervise two senior employees. The firm had about 400 employees focused on investing, according to an April 19 filing with the SEC.
“Despite extreme scrutiny, we kept working, kept investing, and kept delivering results through solid fundamental research and good trading,” Tiller said in his e-mail. He said he considered retiring last year but stayed at SAC “to help the firm and my team for another year.”
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