A former prop trader at Goldman Sachs who decamped to joined Brevan Howard’s now struggling Master Fund, has now signed up to Moore Capital Management.
Andrew Dausch, who worked on Goldman’s global macro proprietary trading desk for over ten years before joining Brevan Howard in 2011, left Alan Howard’s hedge fund in January. He was hired by Moore Capital Management earlier this month, according to the UK’s Financial Conduct Authority Register.
Goldman’s eight-strong macro prop trading desk was very profitable, but was forced to shut down as the bank complied with the Volcker Rule that doesn’t allow banks to prop trade. Dausch, along with the global head of macro proprietary trading, Karl Devine, and fellow trader Brad Lord, signed up to Brevan Howard shortly after. Lord left in 2015, while Devine is still listed as an employee of Brevan Howard.
Brevan has been generally losing staff from its struggling Master Fund over the past few months. Mark Deniston, the former head of sterling rates swaps at Goldman Sachs who joined Brevan Howard in 2013, left in January to head up GBP rates trading at Royal Bank of Scotland. It did, however, hire Michael Benchitrit, a rates and FX portfolio manager at J.P. Morgan’s CIO, in March.
When Dausch and the other star Goldman prop traders joined Brevan in 2011, its Master Fund had $32.6bn in assets under management. It currently has around $10.8bn after battling investor redemptions over the past two years. In March, it lost 2.85% and ended the first quarter down by 2.4%, according to Bloomberg.
Dausch is, however, a rare hire for Moore, which has generally been shedding staff over the past 12 months. It had 80 employees registered with the FCA at this point last year, but currently has just 66 people in the UK.
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