Hedge Funds

SAC gives former research chief own show


SAC Capital Management has quietly launched a major new division - and is out actively recruiting to expand it. In something of an internal spinout from SAC's main operation, which is managed by founder and short-term trading star Steve Cohen, SAC set up CR Intrinsic Investors in January.

Run by former research chief Matt Grossman, who was previously an analyst at Julian Robertson's Tiger Management and a proprietary trader at Credit Suisse First Boston. Intrinsic focuses on researching more longer-term investment ideas than SAC has become best known for.

Grossman and his group run about $600 million of firm