Sell-side equity research is not a good place to be now. MiFID II is encouraging banks to trim their equity research teams. The expectation is that clients who formerly received research for free ‘bundled-in’ with execution charges, won’t be quite so keen on research once MiFID makes them pay for it as a standalone product. If you’re a young rising star in equity research, you might therefore want to get out and join a hedge fund. Tomas Kiskis has done just this.
Kiskis just joined Tudor Capital to work on ‘long/short equity research.’ Tudor is best known for its macro strategies, but has been running equity funds since 2013. Macro funds aren’t doing well this year, suggesting Tudor might be more enthused about its equities products than previously.
Tudor’s European equity research team already includes the likes of Ben Rosenberger, hired from UBS in 2014, Ryan Fox, hired from Morgan Stanley in 2014, and Elliott Miley, hired from UBS in 2015. The fund clearly likes to poach from investment banks.
Kiskis joins Tudor from Sanford Bernstein, where he’d worked since graduating in economics and finance from the University of York in 2014, Lithuanian by birth, he scored an average of 9.44/10.00 at school and achieved a first class degree from York. In other words, Kiskis is a high achiever. Tudor will be hoping that his insights will help bolster its equities funds, and offset the $1bn in redemptions requested for its under-performing macro funds in the first three months of this year.