Hedge fund Walleye closed its credit team and Bank of America benefitted
Walleye Capital closed its credit and commodities teams in May. Three months later, one of those affected has resurfaced at Bank of America.
Joe Arcadi, who spent two years as a portfolio manager at Walleye's Stamford Connecticut office, has joined Bank of America in New York as a macro credit trader. Arcadi, who announced his move on LinkedIn, declined to comment for this article.
His new role marks a return to banking after four years on the buy-side. Arcadi spent 12 years at JPMorgan, where he was latterly head of macro credit trading, and two years at Barclays, before leaving for BlueCrest in 2021 and joining Walleye in 2023.
Arcadi isn't the only ex-Walleye portfolio manager to give future hedge fund jobs a miss. Travis McCormack joined Deutsche Bank earlier this month.
It's not unusual for multistrategy hedge funds to change their asset allocation according to opportunities and returns, but Walleye has a habit of ejecting staff as its strategy changes.
Have a confidential story, tip, or comment you’d like to share? Contact: +44 7537 182250 (SMS, Whatsapp or voicemail). Telegram: @SarahButcher. Signal: sarahbutcher.22 Click here to fill in our anonymous form, or email editortips@efinancialcareers.com.
Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. Eventually it will – unless it’s offensive or libellous (in which case it won’t.)
