If you thought the most desirable jobs in finance were to be found in the most renowned hedge funds, you were wrong. The most desirable jobs in finance are to be found in the most renowned hedge fund managers’ family offices.
Such is the message communicated by Michael Platt’s decision to convert BlueCrest Capital Management from a hedge fund that manages client money into a ‘private investment partnership’ that manages the money of BlueCrest’s partners and founder Michael Platt, whose wealth will now make up a ‘large proportion’ of the fund’s remaining $8bn in assets under management.
Under the new arrangement, Platt said BlueCrest will be unshackled from the demands of cautious outsiders and risk levels will be increased. “The nominal level of risk [in the fund] has been constrained by institutional investors,” said Platt. “We want to run it [the fund] more like the industry was run 20 years ago.”
BlueCrest, which has offices in London, New York, Boston, Singapore, Hong Kong and Guernsey, has a reputation for hiring former traders from investment banks. Under its new business model, the fund said it plans to retain all existing traders and that it anticipates, “strong growth in employees and assets under management over the next several years.”
Separately, while Morgan Stanley is reportedly busy cutting hundreds of fixed income jobs, Citadel is busy hiring. Bloomberg reports that Citadel Securities is building a fixed income market making unit that will eventually house 30-40 people across credit swaps and treasuries. To this end, it just hired Tian Zeng, a former CDS index trader from Citigroup.
The pay is not so good in wealth management. (The Tally)
So, it looks like J.P. Morgan is paying the best bonuses. (Bloomberg)
Seven UBS traders are about to be sanctioned by the Swiss financial regulator. They probably include Chris Vogelgesang, UBS’s former global co-head of foreign exchange and precious metals, former co-chief currency dealer Niall O’Riordan, and ex-precious-metals trader Andre Flotron. At worst they’ll be banned for five years. (Bloomberg)
Man moves from little-known tech company to Goldman Sachs. Cue excitement. (Fortune)
Look at all the ex-Goldman Sachs bankers working for the Federal Reserve. (The Nation)
Jes Staley lost £300k on his first day at Barclays. (Reuters)
What to say when you have an interview with Yann Gerardin at BNP Paribas: “It’s a privilege to work in banking at a time of such upheaval.” (Financial News)
Secrets of the LinkedIn headshot. (Inc)
Work in banking, pay off your student debt. (Dartmouth Partners)
Morgan Stanley's stock has benefited from its plan to cut fixed income jobs. (Bloomberg)