Hedge Funds

Zimmerman is cleared and quits SAC to go solo

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Retail and consumer stock specialist Michael Zimmerman is decamping from SAC Capital Advisors with a full eight-member retail and consumer stock-picking team and is starting his own fund in May with money from Steve Cohen.

Zimmerman's new venture will follow a similar strategy to the one he employed at SAC. The fund will invest principally long and short in public equities of retail and consumer companies.

But the fund will also distinguish itself from some others in the sector by devoting between 10% and 30% of its capital to "special situations," including convertible debt and equity issued directly from