Chris Procaccini is joining hedge fund Millennium Management as a senior portfolio manager.
Procaccini was previously head of Magnetar Capital’s healthcare business and a member of the investment and management committees. At Magnetar, he managed a fund with approximately $2 billion in assets that took a “low net long/short approach to investing in healthcare-related equity securities,” according to biography that has since been removed from Magnetar’s website.
The fund has been shuttered, according to a source familiar with the matter. Magnetar has deleted the healthcare investing page from its website.
Bloomberg first reported the news of the move. A spokesperson for Magnetar declined to comment. A spokesperson for Millennium declined to comment.
Prior to Magnetar, Procaccini worked at hedge funds including Hutchin Hill Capital, Highbridge Capital Management, SAC Capital Advisors, which later became Point72 Asset Management, and Och-Ziff Capital, which later became Sculptor Capital Management.
Millennium has $75.8 billion in assets under management.
Magnetar had $18.6 billion in assets under management as of Sept. 30, according to its website.
