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Net Net: Promoting innovation and managing change

Exodus continues from Steve Cohen's SAC Capital

Parsing SAC flight

The SAC Capital Advisors exodus continues.

J.P. Morgan hedge fund unit Highbridge Capital Management recently hired two portfolio managers from Steve Cohen's troubled firm to manage money for its stock trading funds, according to The New York Times.

Wayne Chambless, a specialist in betting against stocks, and Christopher Procaccini, a healthcare expert, managed between $800 million and $1 billion in assets at SAC, according to the report.

SAC is downsizing as it turns into a $9 billion family office for Cohen's fortune because of various insider trading settlements and convictions related to former employees. The firm also has a new name: Point72 Asset Management.

Go to The New York Times for the full story.