“Family office,” through gritted teeth, one must imagine.
“We are now moving from a firm which manages external capital to a ‘family office’ that will manage my capital and employee capital only,” Cohen wrote in an email Thursday.
“We will not need the same degree of business development activity or investor relations as before. After taking a hard look at the evolution of his primary areas of responsibility, Sol has decided to resign, effective January 31, 2014….”
“I am looking forward to taking a break, to recharging my batteries and to figuring out what the next chapter of my life will look like,” Kumin said in a statement.
Kumin said he will return to Boston, where he grew up, in June next year.
SAC chief operating officer to leave as hedge fund transforms [Reuters]
SAC Executive to Resign Amid Shift [WSJ]
Tags: businesses not in need of development, family offices, SAC Capital Advisors, Sol Kumin, Steve Cohen