The migration of traders from banks to hedge funds continues. We reported in February that fixed income traders were leaving banks and joining hedge funds like Brevan Howard and BlueCrest. We also reported that many of Morgan Stanley’s fixed income bankers had been poorly paid. Today, Financial News reports that one of Morgan Stanley’s senior fixed income traders has had enough and joined hedge fund Brevan Howard.
Richard Oliver, a former Morgan Stanley MD and head of short term rates trading for Europe, has left Morgan Stanley for Brevan, says Financial News. Howard has a PhD from Bristol University and is said to be a, “good, profitable, trader.” Due to his background in physics, Oliver is reportedly known as ‘Astro’ among trader-friends.
Oil trading companies Mercuria and Gunvor are incorporated in Cyprus. They say it doesn’t matter. (Financial Times)
UBS has got a new head of its family office group. (Finews)
Mark Zanoli, a top US technology banker, has stepped down. (Fortune)
The UK’s competitive advantage is the relative ease of doing things here, even if that means hiring foreign staff or trading financial instruments. (FT)
“We don’t have the room for four investment banks in France,” said one senior Paris-based banker. (Reuters)
RBS’s Middle East and Africa CEO has resigned after 13 years. (Bloomberg)
75% of people who apply for jobs get no response whatsoever. (WSJ)
The area of the brain that processes losing money is the same as the area that processes an electric shock. (NY Times)
Lloyds has clawed back all but £300k of Eric Daniels’ £1.5m bonus from 2010. (Guardian)