NEW YORK (CNN/Money) - J.P. Morgan U.S. equity strategist Carlos Asilis said Monday that he is leaving his firm to work for the New York-based hedge fund Vega Asset Management.

With a view that the S&P 500 would be at 800 at year end -- 6.8 percent below where it closed Monday -- Asilis was one of the most bearish strategists on Wall Street. The only other strategist at a major firm calling for a fourth down year for the market is Merrill Lynch's Rich Bernstein.

Asilis had replaced Doug Cliggott -- the only strategist at a Wall Street firm to predict 2002's decline -- who left the firm last February, also for a hedge fund. Before taking the U.S. strategy spot, Asilis had worked as the firm's emerging markets strategist. As with Cliggott, he has a reputation among clients and colleagues for hard work, intelligence and independent thought. His departure can only be seen as a blow to J.P. Morgan's research department.

"I take great pride in the integrity and quality of our product, which often reflected non-consensus calls, even within the bank," wrote Asilis in an e-mail announcing his departure to colleagues and friends.

J.P. Morgan has yet to announce a replacement for Asilis.