UBS' former credit-trading chief has hired a JPMorgan Chase banker who helped deal with the latter's massive losses on credit derivatives last year.
Henry Kim will join Eric Rosen's Reef Road Capital. Kim worked under Rosen when the latter headed JPMorgan's credit-trading team.
Reef Road was set up by Rosen last year and will launch its maiden fund in the second quarter, The Wall Street Journal reports. The firm already employs eight people.
Kim spent much of his last year at JPMorgan dealing with the fallout from the trades of Bruno Iksil, known as the "London whale." Iksil's derivatives trades wound up costing JPMorgan more than $6 billion.