Tuesday, 29 July 2014
Last updated 12 hours ago
Mar 30 2011 | 10:40am ET
Goldman Sachs' former global macro proprietary trading team is on the move.
Three of its four London-based members, including desk head Karl Devine, are set to join Brevan Howard Capital Management. The fourth, Chris Tuohy, is headed to Tudor Investment Corp.
The four men left Goldman Sachs earlier this year as the investment banking giant shutters its proprietary trading businesses to come into compliance with new U.S. banking regulations. The plans of the four former members of the New York-based global macro team are unclear.
At Brevan Howard, Devine, who will be a partner, Andrew Dausch and Brad Lord will trade for the firm's $25 billion flagship Master Fund. The three men will be based in London when they join in May, having declined the option of moving to Geneva with many of Brevan Howard's other top traders.
The hires were first reported by Financial News.
Brevan Howard has worked to establish itself as the main destination for top prop. traders fleeing U.S. banks. The hedge fund has hired at least eight former prop. traders; co-CEO Nagi Kawkabani said earlier this month, "if talent is available and we can possibly accommodate it, then we'll hire."
Goldman's decision to pull the plug on its prop. trading has proven a boon for the hedge fund industry. Several top former Goldman proprietary traders, including Daniele Benatoff, Pierre-Henri Flamand, Eric Mandelblatt, Ariel Roskis and Morgan Sze have launched or are launching their own hedge funds, which have or are likely to raise in excess of $1 billion. Nine members of Goldman's U.S. proprietary trading desk have joined Kohlberg Kravis Roberts, where they will launch a hedge fund.
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…