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

Why Ponzi Schemes Work: An In-Depth Look At The Allen Stanford Fraud

Dec 21 2014 | 10:30am ET

Texan Allen Stanford first appeared on the radars of financial regulators in 1997...

Lifestyle

Hedgie Funds US Squash Program

Dec 24 2014 | 8:46am ET

Squash, anyone?

Guest Contributor

EidoSearch’s Top Three Market Projections For 2015

Dec 23 2014 | 4:03am ET

It is that time of year again when prognosticators make their big market calls for...

 

Sponsored Content

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

December 2014 Cover

Futures 2014 person of the year

Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.