Friday, 6 March 2015
Last updated 2 hours ago
Feb 2 2011 | 10:14am ET
With at least one hire, JPMorgan Chase is bucking the trend—accelerated by the U.S. financial reform—of proprietary traders leaving banks to go to hedge funds.
Instead, JPMorgan has hired a proprietary trader who left the firm five years ago. Stefan Tsonev joined Dillon Read Capital Management, the UBS hedge fund which crashed and burned three years ago. He then moved on to Millennium Capital Partners, which he left after a year in the fall, Financial News reports.
Now, he's back at JPMorgan, once again as a prop. trader—for now. Tsonev, who has been working at JPMorgan since Jan. 17, according to regulatory filings, was named a managing director on the firm's emerging market prop. desk. But FN reports that JPMorgan plans to transfer him to its asset management business as it continues to wind down its prop. trading operations.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…