Tuesday, 22 July 2014
Last updated 10 hours ago
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.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…