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

Will Liquid Alts’ Performance Sustain Future Asset Flows?

Aug 25 2014 | 10:34am ET

Liquid alternative investment funds saw the highest percentage of capital inflows...

Lifestyle

Hedgies, Economists and Musicians Mingle At Milkin Mixers In Hamptons

Aug 25 2014 | 6:00am ET

Leave it to Michael Milken to bring some gravitas and sweat to the Hamptons -- along...

Guest Contributor

Looking Ahead: What’s In Store For Managed Futures?

Aug 22 2014 | 12:52pm ET

The last five years were phenomenal for investors in equity indices. Will the next...

 

Editor's Note

    Get A Sneak Peak Of The Alpha Pages

    Aug 25 2014 | 11:21am ET

    As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…

 

Futures Magazine

July/August 2014 Cover

The time was right

Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...

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.