SAC Capital, the $16bn hedge fund run by Steven Cohen, has scaled back its fixed income activities to focus on liquid global macro and select credit strategies.

Departures from the fund, which only in recent years began adding fixed-income strategies to its traditional long-short equity business, have included both traders and back office staff.

Bloomberg reported on Friday that Mark Davies, a Bear Stearns credit specialist who joined SAC in 2007 to expand its fixed-income business, was leaving the fund.