06.30.2017

From Hedge Funds Back to Banks

06.30.2017

The grass isn’t always greener.

Traders who fled banks for hedge funds are on their way back to Wall Street, Bloomberg News reported.

This month, Barclays Plc hired Chris Leonard, a founder of two hedge funds in the decade since he left JPMorgan Chase & Co., to turn around U.S. rates trading, according to Bloomberg. At the end of last year, ex-bankers Roberto Hoornweg and Chris Rivelli, both of Brevan Howard Asset Management, left that London hedge fund for banks.

Recruiters say these moves and others aren’t just the usual attrition: banks in New York and London are interesting employers again a decade after the financial crisis, and may get involved in more proprietary trading if President Trump eases regulatory burdens. There’s also another factor: many macro funds just don’t make money anymore.

“In the last quarter of the year or first quarter of 2018, you will find more people leaving the hedge funds to join banks to run proprietary money,” Jason Kennedy, chief executive officer of London-based recruitment firm Kennedy Group told Bloomberg which hires for banks and hedge funds. “The banks will become more attractive in terms of jobs and pay.”

“In the last quarter of the year or first quarter of 2018, you will find more people leaving the hedge funds to join banks to run proprietary money,” said Jason Kennedy, chief executive officer of the Kennedy Group in London, which hires for banks and hedge funds. “The banks will become more attractive in terms of jobs and pay.”

That’s largely due to expectations that Donald Trump’s regulation-paring will be good for bankers.

Related articles

  1. Aim is improve risk management, boost efficiency and enhance customer service.

  2. Buy Side Forced to Review Collateral Arrangements

    As rates and volatility rise, the need to optimise the value of collateral is greater than ever.

  3. The banks allegedly colluded to distort competition when trading bonds.

  4. Taylor Cable will lead Cowen Digital’s European and Asian activities.

  5. This opens the door for the delivery of the first live intraday repo market.