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Last updated 12 hours ago
Mar 18 2014 | 12:51pm ET
Highbridge Capital Management has joined the raid on SAC Capital Advisors’ talent.
The JPMorgan Chase-owned hedge fund has hired two top SAC portfolio managers, The New York Times reports. Wayne Chambless and Christopher Procaccini managed a combined $800 million to $1 billion at the $9 billion hedge fund, which is becoming a family office following a guilty plea to insider-trading charges.
Chambless, who worked at Kynikos Associates before joining SAC, specializes in short-selling. Procaccini, formerly of Och-Ziff Capital Management, focuses on healthcare stocks.
Highbridge recruited the two men individually, according to the Times. In doing so, it joins the likes of Balyasny Asset Management, BlueCrest Capital Management and Moore Capital Management in seeking to add SAC portfolio managers as the latter firm slims down.
Both Chambless and Procaccini were well-regarded at SAC, which is set to change its name to Point72 Asset Management in a few weeks. On April 10, a federal judge is set to pronounce on SAC’s $1.8 billion settlement with prosecutors, which requires it to cease managing outside capital.
SAC’s staff has shrunk from more than 1,000 to about 850.
“Turnover is part of the natural ebb and flow of SAC’s business,” spokesman Jonathan Gasthalter told the Times. “SAC remains well within its historical normal levels of voluntary turnover.”