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Is Goldman Sachs memo-writer Joseph Mauro about to run to a hedge fund?

Joseph Mauro Goldman Sachs

Still running?

Remember Joseph Mauro? The Goldman Sachs London partner, head of fixed income, currencies, and commodities European hedge fund sales and co-head of European macro rates sales? The man who sent that memo? The memo intoning Goldman’s associates to ‘keep running’, and reminding them that, ‘This business is a marathon.’

Is Mauro about to run somewhere himself? Speculation appears to be growing that he is. Goldman insiders suggest something is up.

“Mauro hasn’t been seen much on the trading floor, which is pretty unusual,” says one. “Nor has been sending his daily “snapshots” on what’s driving the markets.”

Goldman Sachs said Mauro is still with the firm. When we approached him, Mauro declined to talk to us or to discuss his plans.

Nonetheless, rumours persist that Mauro – who has close relationships with many of London’s top hedge fund managers, has something up his sleeve. Mauro is said to be a close friend of Stephen Rosen, the Omni Macro Fund CIO who yesterday announced that he’s “stepping back from trading.” Goldman insiders say Mauro is also close to Bradley Wickens, the ex-Spinnaker Capital portfolio manager who’s launching a new emerging markets hedge fund this October. And speculation persists that Greg Coffey, the ex-Moore Capital trader who quit the industry in 2012 to spend more time with his children, is planning a comeback, which Mauro could – also – have a hand in.

For the moment, however, Mauro still appears to be firmly entrenched at Goldman. “He’s the only real ‘markets’ guy left in European sales,” says one Goldman insider. The firm is in the process of cutting costs in its fixed income business and has been parting company with some of its most costly and experienced staff ahead of making a new round of partners later this year. Dalinç Ariburnu, a partner and head of fixed income and currency sales in Europe, retired from the firm in April, for example, but Mauro has so far endured.

The new power in Goldman’s securities business is Jim Esposito. Esposito was named chief strategy officer at the firm three months ago and is understood to looking at the structure of Goldman’s sales and trading operations. Insider’s say Mauro is one of Esposito’s confidants – a fact which could yet encourage him to stay put or move internally as Goldman’s fixed income business continues through a difficult year.

Photo credit: Running on a treadmill by E’Lisa Campbell is licensed under CC BY 2.0.

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