Moore Capital Nabs Citi Prop. Traders

Feb 5 2010 | 1:08pm ET

Count Moore Capital Management as one of the first beneficiaries of the still-only-on-paper Volcker Rule.

The New York-based hedge fund has poached a pair of proprietary traders from Citigroup, just weeks after President Barack Obama proposed barring banks from trading their own money. Matthew Carpenter and his deputy, Matthew Newton, have left the bank, and will join $14 billion Moore when their non-compete agreements with Citi expire, Bloomberg News reports.

Carpenter, a 15-year Citi veteran, and Newton may not have been swayed solely by the proposed Volcker Rule. Citi remains subject to federal pay restrictions imposed on banks that received government bailout money, and the bank last year sold its profitable proprietary energy-trading desk, Phibro, because its chief was due a $100 million bonus.

Carpenter was head of Citi’s U.S. equity research team, a Newton the former head of single-stock trading of U.S. equities. The two ran an equity long/short trading unit that Carpenter had built over the past three years.

Carpenter and Newton are barred from recruiting any more of the team’s former members.

Moore Capital has established itself in recent years as a prime destination for top talent leaving other firms. The hedge fund last month nabbed Brevan Howard Asset Management co-founder Jean-Philippe Blochet and Goldman Sachs emerging-markets trading chief David Jasper. At the end of 2008, the firm also snagged former GLG Partners star trader Greg Coffey.


In Depth

Whisky Business: The Ultimate Liquid Alternative Investment

Sep 15 2014 | 7:02am ET

David Robertson knows his single-malt whisky—he was the Master Distiller at the...

Lifestyle

Hedgies Rock Out For Children's Charity

Sep 15 2014 | 8:40am ET

It's that time of year again—when hedgies trade in their spreadsheets for guitars...

Guest Contributor

Volkered: How Financial Sector Reforms are Creating Opportunities for Hedge Funds

Sep 16 2014 | 11:28am ET

New regulations have dramatically curtailed proprietary trading activity in investment...

 

Editor's Note

    Get A Sneak Peak Of The Alpha Pages

    Aug 25 2014 | 11:21am ET

    As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…

 

Futures Magazine

September 2014 Cover

Forex: What happened to the volatility?

There are two things currency analysts agree on: Currencies have never gone through such a period of low volatility and the dollar must lead the sector out of the current malaise.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.