Two senior traders, Tish Ghosh and Andrew Pidgeon, have just left Credit Suisse in Hong Kong to join hedge funds.
Ghosh, a Credit Suisse MD and head of equities delta one and systematic trading for Asia Pacific, moved to Millennium Capital Management earlier this month as a Hong Kong-based portfolio manager, according to his public profile.
He had been with Credit Suisse since June 2014 and previously spent three years as Asia Pacific head of equities systematic trading at Merrill Lynch. He was a Barclays VP before that, working in the firm’s Hong Kong index arbitrage and systematic trading team from 2007 to 2011.
Pidgeon, a director in delta one and derivatives trading at the Swiss bank, has left after seven years to join leading local head fund Segantii Capital Management. Pidgeon started his career in the Australian Army and got his first finance job, as an equity derivatives trader at Macquarie in Hong Kong, in 2007.
He is not the only ex-Credit Suisse employee at Segantii. The fund’s CEO, Kurt Ersoy, was at Credit Suisse for almost 17 years, latterly as an MD focused on Asia Pacific equities, derivatives and structured products.
Segantii, which won best Asian multi-strategy fund at the 2017 Eurekahedge Awards, has made several other high-profile hires since last year. In 2016, it recruited Pascal Guttieres, UBS’s former Asian head of block trading, and also took on Joseph Chang and Stephanie Chen from Davidson Kempner Capital Management and Eton Park Capital Management respectively.
Hong Kong traders have been particularly keen to move to the buy-side over the past 18 months, as several banks, including Barclays and Standard Chartered, have made redundancies.
Credit Suisse has cut about 35 roles – including trading, sales, prime brokerage and research positions – from its Asian equities business this year in response to falling revenues. Donald Lee, the co-head of cash equities for Asia Pacific, and Matt Pecot, who ran prime services in the region, both left earlier this year.
“Generally, across the market in Hong Kong, there’s a race to the bottom in terms of ‘deseniorising’ the trading workforce. Banks want younger, lower-level, cheaper people,” says Hong Kong trader-turned-headhunter Matthew Hoyle. “Terrible bonuses, which are subsequently deferred over many years, are also pushing traders away from banks.”
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