Star money manager Jim O’Shaughnessy, who recently left Bear Stearns to launch his own firm, is taking with him about $8 billion of the $44 billion managed by the company’s asset management devision, Reuters reported.

However, Jeff Lane, the new president of Bear Stearns Asset Management, said in an analyst presentation on Thursday that the company will have a minority stake in and a revenue-sharing arrangement with the new firm, O’Shaughnessy Asset Management, according to Reuters.

O’Shaughnessy, who joined Bear Stearns in 2001 and is well known for his best-selling business book “What Works on Wall Street,” will continue to serve as a sub-adviser for several of BSAM’s clients.

His exit comes on the heels of the collapse of two of Bear Stearns’ hedge funds, which reportedly cost investors as much as $1.6 billion and resulted in the loss of some clients.

According to a separate report by Bloomberg, Bear Stearns CEO James Cayne said in a presentation to investors that the firm will “weather the storm” and is not looking for a cash infusion from an outside investor.

And company president Alan Schwartz reportedly said “things are getting better” and liquidity has improved since the Federal Reserve’s recent interest-rate cut.”