Chris Procaccini, previously the head of the healthcare division at Magnetar Capital, the US hedge fund founded by former Citadel exec Alec Litowitz, has joined multi-strategy hedge fund major Millennium Management as a Senior Portfolio Manager, according to a report by Bloomberg.

Procaccini was a key figure at Magnetar, overseeing a healthcare-focused fund managing approximately $2bn in assets. The fund employed a “low net long-short approach” to healthcare-related equity securities, according to a now-removed biography from Magnetar’s website. Sources indicate the fund has since been shuttered, with Magnetar also removing the healthcare investing section from its site.

Magnetar, known for its multi-strategy investment approach, had $18.6bn in assets under management as of 30 September. However, the closure of its healthcare fund and Procaccini’s departure signal a shift in the firm's investment focus.

Procaccini’s move to Millennium, which has $75.8bn in assets under management, comes as the hedge fund continues to expand its global investment team.

Procaccini brings extensive experience to his new role, having worked at prominent hedge funds before joining Magnetar. His previous roles include positions at Hutchin Hill Capital, Highbridge Capital Management, SAC Capital Advisors (now Point72 Asset Management), and Och-Ziff Capital (now Sculptor Capital Management).