(Bloomberg) -- Steven Cohen, who agreed to close down his SAC Capital Advisors as part of a settlement with the U.S. government, will rename the firm and add a layer of management to oversee traders as the hedge fund becomes a family office, said a person familiar with the firm.
The firm, which will manage about $9 billion for Cohen in addition to employee money, plans to have three trading units after the restructuring, said the person, who asked not to be identified because the firm is private. One will be run by Phillipp Villhauer, SACs current head of trading, another by Michael Ferrucci, who oversaw the firms London office that closed last year, and the third by Ross Garon, who currently heads the firms quantitative trading group. The changes are expected to take place by mid-March.
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