Ted Orenstein, a former money manager for Steven A. Cohens troubled hedge fund, will join Scoria Capital Partners where he will focus on industrial stocks.
According to Bloomberg, Orenstein is a veteran of SAC Capital Advisors, which suffered a slew of bad headlines, arrests and fines for allegations of insider trading. SAC closed down its hedge fund to manage Cohen’s own money as Point72 Asset Management. Orenstein has worked with Cohen for the past 12 years and most recently ran a portfolio worth an estimated $500 million to $1 billion, according to news reports.
Orenstein starts trading at Scoria, which is based in Greenwich, Conn., on January 5. The fund was founded by Larry Sapanski and reportedly has $235 million in assets under management. Orenstein will be one of six traders inside Scoria.