Hedge Fund Firm Highbridge Capital Hires Two SAC Capital Traders
Wayne 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