Ron Insana is joining SAC Capital.

CNBC coworker Melissa Lee reported the hiring on-air Friday. Insana had anchored CNBC until February 2006 when he started Insana Capital. He had since remained with the TV network part-time as a senior analyst.

“Congrat to our friend Ron,” said current anchor Erin Burnett. “Yes, we are biased, after all he was our coworker.”

SAC Capital is a $16 billion hedge fund based in Stamford, Conn., that Steven Cohen founded in 1992. The hedge fund is said to account for as much as 3% of the daily trading volume on the New York Stock Exchange as well as 1% of the volume on the Nasdaq. Cohen has an estimated net worth of $6.8 billion. Spokesman Jonathan Gasthalter confirmed Insana would be joining the hedge fund as a managing director.

Insana, 47, joined CNBC in 1991. He is also a noted author and columnist. Insana Capital has $100 million under management, according to its Web site. Insana is intending to sell or unwind the company.