Reeling Sursum loses staff
December 14, 2011
After a high profile launch, SAC vet Paul Orwicz has performed poorly and lost investors; other firms are taking advantage.
Paul Orwicz’s Sursum Capital Management, the much-ballyhooed long/short equity firm he launched with other émigrés of SAC Capital Advisors last year, has suffered a sharp reversal of fortune as speedy as its initial success. With assets dropping significantly following double-digit losses, Sursum’s problems have turned into a boon for others, with several key staffers departing to fast-growing firms.
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| || Paul Orwicz races his Porsche in a 2006 Mid-Ohio Sports Car Course event (Photo: Eric Gilbert/Motorsport.com) |
Sursum recently lost senior analyst Paul Kim—one of Orwicz’s core, three person team at SAC—to $5 billion Indus Capital Partners' expanding European fund. Kim was an analyst covering technology, media and telecommunications stocks at Omega Advisors before joining SAC in 2007 to work with Orwicz. Ray Stokes,...
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