BlueCrest Nabs Deutsche Bank Credit Trader

Sep 16 2011 | 4:53am ET

One of Deutsche Bank's top credit derivatives traders has left the firm for BlueCrest Capital Management.

John Silvetz joined the London-based hedge fund this week as a credit trader, Bloomberg News reports. He is the third top Deutsche Bank credit trader to leave the firm this year to join a hedge fund.

Silvetz, who is based in New York, spent a decade at Deutsche Bank. Most recently, he was responsible for some of the most actively-traded credit-default swaps and high-yield bonds for the bank.

Silvetz's leap to the hedge fund industry follows that of Thomas Curran, who joined Rose Grove Capital Management, and Prakash Narayanan, who went to Saba Capital Management, itself founded by a former Deutsche Bank proprietary trader, Boaz Weinstein.

Separately, BlueCrest yesterday offered a peek at what Silvetz could look forward to if he should become a partner at the firm. In a U.K. regulatory filing, the firm, which has some US$27 billion in assets under management, said its six partners—founder Michael Platt, two other executives and three BlueCrest units—split £537.9 million (US$850 million) in profits last year.

That's a nearly 20% increase from its last reporting period—a figure made even more impressive by the fact that the larger profit was earned over just 13 months, compared to 16 months for the smaller.

BlueCrest said its fee income last year was £874.3 million.


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