The upset within Citigroup’s equities business has resulted in a shake-up that has seen some of the old guard depart. One of those was Rory Hill, co-head of equity derivatives for EMEA, who left the firm in July.
Now, he has re-emerged, and like other senior traders leaving Citigroup in recent months, has opted to join a hedge fund. Hill signed up to Moore Capital last week, according to sources close to the situation, the latest in a string of senior recruits at the hedge fund.
The move marks a return to the buy-side for Hill, who was at hedge fund Citadel as a senior equity derivatives trader for three years until he joined Citigroup in June 2011. Before this, he was a director in single-stocks equity derivatives at Merrill Lynch, but also had stints at Nomura and JPMorgan.
When he signed up to Citigroup, he was a managing director for relative value trading within the bank’s equity derivatives division. However, he was promoted to co-lead the division alongside Imraan Moola in April last year, but left after little more than a year in the role.
The disquiet in Citigroup’s equities division has been ongoing throughout 2014. Senior figures have move on, including Ronan Connelly, its head of EMEA equities who left last year to join Nomura, and Andy Thompson, his successor who departed in July in order to “spend more time with his family”. The changes at the top may have something to do with the allegedly small bonuses paid within Citigroup’s equities business earlier this year.
However, Hill’s move is indicative of a broader trend of senior traders jumping across to hedge funds, and his decision to join Moore Capital comes at a time of expansion for the firm.
As we reported, Moore Capital has recruited a team of traders and portfolio managers from now defunct commodities hedge fund Clive Capital, following the recruitment of Chris Levett earlier this year. It also lifted a nine-strong team out of SAC Advisors’ London office, which closed last year.