Hedge Fund Firm Highbridge Capital Hires Two SAC Capital TradersWayne Chambless and Christopher Procaccini are leaving Steven A. Cohen’s SAC Capital Advisors, to join the $29 billion hedge fund firm Highbridge Capital Management, two people told New York Times.
Mr. Chambless and Mr. Procaccini are leaving SAC a month before the firm officially changes its name to Point72 Asset Management and converts from a hedge fund to a family office that will manage mainly Mr. Cohen’s $9 billion.
Over the last several months, SAC, which once employed nearly 1,000 people, has been slowly shedding staff through a combination of layoffs, office closings and traders jumping to other shops. The firm, in announcing the name change, said it had roughly 850 employees and did not see itself shrinking much more.
But people in the hedge fund industry said the expectation was that a number of top money managers at SAC would begin looking for jobs outside the firm after their employment contracts expired. These people said it should become easier for traders and analysts to look for jobs outside SAC as the insider trading scandal that has besieged the firm became less in the public eye.Source: New York Times