Two more next-generation bankers have left investment banks. One quit Morgan Stanley for a hedge fund. Another quit Bank of America Merrill Lynch for a sovereign wealth fund.
Affan Usmani just joined the investment team of Temasek, Singapore's sovereign wealth fund, from Bank of America Merrill Lynch. Ify Okoli joined the equities team of hedge fund Arrowgrass Capital, from Morgan Stanley.
Arrowgrass Capital is a hedge fund that was spun out of Deutsche Bank during the financial crisis. It's big, with 51 registered employees, according to the Financial Conduct Authority. Okoli isn't the first hire this year: Arrowgrass also recently hired Mark Thompson from J.P. Morgan and Brett Carron from Harbour Litigation Funding. Both are in support roles, however, with Carron joining as general counsel.
Both Usmani and Okoli quit banking within 28 months of joining. Morgan Stanley and BAML aren't alone in struggling to retain young bankers beyond the 24 month period. Morgan Stanley is, however, one of the only banks not to have introduced firm policies for cutting junior employees' working hours.