Pequot Capital's Snags John Mack

Wall Street heavyweight John Mack is set to join Westport, Conn.-based Pequot Capital Management as chairman, The Wall Street Journal reports

Mack, ex co-chief executive of Credit Suisse Group and CEO of Credit Suisse First Boston, as well as former Morgan Stanley president, has been tapped by Pequot founder and CEO Art Samberg to bring in new money managers along with new investment ideas and capital.

The hire puts an end to the rumors circulating in the investment banking world regarding the executive's future employment.

Specifically, Mack was expected launch a new boutique-type investment bank together with the group of recently departed Morgan Stanley executives, The Wall Street Journal reports. Similarly, there was interest expressed on behalf of both Goldman Sachs and Fannie Mae, while some expected Mack, also active in politics, to leave high finance and seek an office or, perhaps, even an ambassadorship.

"Many people who called me for a job want me to fix something, but I'd like to focus my job on building," said Mack, who from now on will be building--for Pequot Capital.

The $6.5 billion hedge fund is run by none other than Mack's longtime friend Art Samberg. Year to date, Pequot's positions are up about 3%, as opposed to resent generally sluggish performance in the overall hedge fund industry with a joint loss of less than 1%.

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