Hedge fund traders caution against paternity leave after trader dismissed
It's not easy being a trader on the potential cusp of World War III. If you want a rest, you can take a sabbatical. You could also take paternity leave. Neither are probably advisable right now.
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As we noted last week, Akshay Singal, Citi's global head of short term interest rate trading (STIRT) has just embarked on six months' paternity leave. Singal's predecessor Marcus Satha did much the same a few years ago.
Traders who take six months out for their newborns say it's a fine thing, and not just for their own families. Satha told the FT in 2022 that his long paternity leave was, "a welcome relief for many female traders who were anxious that having children would adversely impact their career."
Others, however, have their doubts.
Citi insiders point out that Satha retired a few years after his paternity leave was over. "You need to be incredibly careful with this kind of thing," cautions one Citi veteran, speaking off the record. "They don't really like it at all." Citi declined to comment, but Satha's exit is understood to have been unrelated to his time off.
At Man Group, the asset management firm/hedge fund, insiders say a trader was recently dismissed while availing himself of a long paternity allowance.
Man Group declined to comment. Bloomberg reported in November that the firm was planning a round of cuts after a period of outflows.
Man Group offers 18 weeks paternity/parental leave. It's understood that any traders let go whilst on paternity leave will have received 18 weeks' pay plus their severance package.
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