Home / Business and Economy / Element Capital Blocks Ex-Trader Dorfman's Move to Squarepoint
Element Capital Blocks Ex-Trader Dorfman's Move to Squarepoint
25 Dec
Summary
- Arbitrator upholds non-compete against former equity markets head Jonathan Dorfman.
- Dorfman's non-compete agreement with Element Capital expires in February.
- Element Capital is paying Dorfman $400,000 salary while on leave.
Element Capital Management has successfully enforced a non-competition agreement against former equity markets head Jonathan Dorfman. An arbitrator ruled that Dorfman's move to Squarepoint Capital is delayed due to this agreement, which Element Capital sought to uphold. The ruling confirmed Element's interest in protecting its proprietary investment strategies shared with Dorfman.
Dorfman's employment with Element officially concluded in August, with the non-compete clause set to expire in February. While on this enforced leave, Element Capital is continuing to pay Dorfman his $400,000 annual salary. He is also slated to receive a $3 million signing bonus upon commencing his role at Squarepoint.
The arbitrator noted that Dorfman's experience with Element's systematic strategies, which he had not previously used, would be valuable to competitors like Squarepoint. This ruling prevents Dorfman from immediately joining his new employer while the non-compete remains active.
