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Morning Coffee: What this says about life as a fixed income trader. How to get into a top hedge fund aged approx 23

Richard Herman

Walking the world...

Life as a senior fixed income trader is precarious. One moment you’re spearheading a business which is taking on the world, the next you’re quoting film scripts and packing your spare ties into an old cardboard box.

Such has been the experience of 44 year-old Richard Herman, global head of fixed income currencies and commodities at Deutsche Bank.

After just 15 months as global head of Deutsche’s FICC business (and just four months as the businesses’ sold head), Herman is leaving. He says the departure is voluntary, that he’s ‘going to walk the earth’ in the style of Samuel Jackson in the film Pulp Fiction. The implication is that he, ‘will be back’, although he doesn’t actually say so.

Walking the earth is all well and good. Except that only last summer, Herman was enthusiastic about Deutsche’s plans to expand its FICC business in the US which he reportedly said was the ‘perfect place’  for the bank to grow. One year on, and this is no longer the case. If you work in fixed income, you can never be too certain about the future.

Separately, Financial News reports that one ‘Jean Philippe Jabre’ has just joined London-based multi-strategy hedge fund CQS. Sounds familiar? That’s because Jean Philippe is the son of storied hedge fund manager Philippe Jabre. It clearly helps to have a renowned hedge fund manager for your father – particularly as Jean Philippe was studying at Princeton until recently, suggesting this might even be his first job.

Meanwhile:

RBC just made this big hire from JPMorgan to oversee client coverage for asset managers, pension funds, and sovereign wealthy. (Bloomberg) 

So, this is where Goldman Sachs has been focusing its investments in Fintech start-ups. (Twitter) 

Goldman Sachs is paying $129.5m to settle its FX lawsuits. (Reuters) 

Morgan Stanley just sold its ‘giant physical oil merchant business’ to Castleton commodities. About 300 employees will move across. (Financial Times) 

Why you should work in cyber security. (Business Insider) 

Hedge funds need cyber security experts: “Hedge funds hold a tremendous amount of capital, incredibly sensitive proprietary information, and valuable algorithms, but they are small shops and they often have very weak IT.” (Financial Times) 

Asset managers think the new Conservative government might help them fight the bonus cap. (Financial News) 

350,000 jobs in the City are dependent upon the EU. (The Conversation)

Looks like notice periods for senior Morgan Stanley bankers in Milan are only six weeks. (Global Capital) 


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  1. Question How to get into a top hedge fund at aged 23 ?
    Answer Be a member of the lucky sperm club

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