Highbridge Hires Two Top SAC Managers

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.”


In Depth

Israeli Hedge Fund Harnesses Big Data

Jul 28 2014 | 8:10am ET

Apica Green is a multi-million dollar Israeli hedge fund that is based in Tel Aviv...

Lifestyle

David Yarrow On Growing His Hedge Fund And Shooting The Animals And People Of Africa - As A Photographer

Jul 23 2014 | 6:44am ET

While he’s always been a photographer, recent expeditions to Iceland, Ethiopia...

Guest Contributor

Compelling Opportunities In The Alternatives Space

Jul 29 2014 | 9:33am ET

In an environment where many asset classes seem expensive by historical standards...

 

Sponsored Content

    Northern Trust Helps Hedge Funds Navigate Derivatives Regulations

    Jul 8 2014 | 10:48am ET

    The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…

Publisher's Note