Former Cohen Manager Snagged by Millennium

March 23, 2017 Marcus Black In the News

One of the largest hedge funds in the industry, Millennium Management, recently hired Ariel Masafy, an ex-portfolio manager for Steve Cohen’s alternative investment firm.
Masafy worked predominantly with consumer stocks. He worked for Cohen since 2011, managing about $11 billion.

Employment changes by portfolio managers is of great concern to Wall Street observers. Poor showings of many hedge fund managers through 2016 make the employment moves even more concerning, as certain changes could be indications of further future events.
Millennium is run by Israel Englander, and has many trading teams managing about $34 billion in assets. The firm’s leading fund did relatively poorly last year, with a 3.3 percent upward climb. Millennium has posted double-digit gains in recent years.

Three years ago, Cohen’s SAC Management pleaded guilty to charges of insider trading. The settlement forced Cohen to abandon investing for clients, and Cohen was never charged. In 2014 SAC became Point72 and limited its investing to the family fortune, taking no outsider money. At that time several of Cohen’s portfolio managers left to start their own fund managers.

Israel Englander, Millennium Management, Point72, SAC Management, Steven Cohen,

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