Ex-SAC Money Manager Orwicz Joins Hedge Fund Firm Deimos

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Paul Orwicz, a former money manager at Steven A. Cohen’s family office Point72 Asset Management and its predecessor SAC Capital Advisors, has joined Deimos Asset Management.

Orwicz will focus on building and managing a portfolio of technology, media and telecommunications investments, according to a statement Wednesday from Purchase, New York-based Deimos.

Deimos was formed this year after a management buyout of Guggenheim Partners’ multistrategy hedge fund business and is led by Patrick Hughes, Loren Katzovitz and Mark Standish. The firm started with an investment from Ontario Teachers’ Pension Plan. Ares Management LP, an alternative money manager, is also a strategic investor.

Orwicz’s addition will help the firm build its hedge fund products, including a multistrategy fund and other offerings, according to Deimos. Orwicz worked at Cohen’s hedge-fund firm, SAC Capital, since 1998 and left to start his own firm, Sursum Partners LP, in 2010. He shuttered the hedge fund two years later and returned to SAC Capital. He left the successor firm to SAC Capital, Point72 Asset Management, last year.

Orwicz, a fast-car enthusiast, is a founding member of the Monticello Motor Club, which has a private racetrack for luxury sport cars in New York. He has also taken part in a number of national sports car competitions including the BMW Car Club of America Club Racing program.

Last year, he was charged for reckless driving in his McLaren supercar in Connecticut. He said in an interview with Bloomberg News that he drove away from an unmarked vehicle, and that reports that he sped away were “sensationalism.” The New Canaan Patch newspaper reported in February that the reckless driving charge had been dropped.