SAC’s Ghiya Said to Quit Amid Plans to Start Own Hedge-Fund Firm

Jan 14, 2014 2:28 pm ET

Jan. 14 (Bloomberg) -- SAC Capital Advisors LP money manager Vishal Ghiya resigned from his role, telling management last week that he plans to start his own hedge-fund firm, according to a person with knowledge of the matter.

Ghiya, who worked at SAC’s Sigma unit and traded industries from health care to software services, managed about $500 million including borrowed money, said the person, who asked not to be identified because the information is private. Ghiya didn’t reply to an e-mail or phone calls seeking comment. Jonathan Gasthalter, a spokesman for SAC at Sard Verbinnen & Co., declined to comment.

SAC’s billionaire founder Steven A. Cohen last month paid some of the bonuses for 2013, which he raised last year to stem defections as the U.S. insider-trading investigation of his firm intensified. SAC, based in Stamford, Connecticut, agreed in November to close its hedge funds to outside investors and pay $1.8 billion to settle government charges that it used illegal tips to profit.

Andrew Schiffrin quit SAC on Jan. 6 as a money manager trading industrial stocks. Other departures from SAC include Nick Tiller, an energy money manager, who retired in October to focus on a charity he founded, and Chief Operating Officer Sol Kumin, who will be leaving the company at the end of January.

--Editors: Sree Vidya Bhaktavatsalam, Josh Friedman