SAC Capital Advisors is the latest hedge fund to cut back on its fixed-income activities.

The $16 billion Greenwich, Conn.-based firm is shutting the debt business of its Sigma Capital Management unit in addition to other fixed-income retrenchments, Bloomberg News reports. SAC will shift the focus of its debt trading, moving some of its fixed-income portfolio into equities.

Mark Davies, the Bear Stearns veteran who joined SAC last year to boost its fixed-income investing, is leaving the firm. All told, SAC is eliminating about eight jobs when it closes the Sigma business on June 30.