From Hedge Funds Back to Banks
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.
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