Credit Suisse's former fixed income professionals continue to find new homes, and Steve Cohen's family office continues to hire. In a confluence of the two trends, Point72 Asset Management recently recruited ex-Credit Suisse director Vincent Pagès.
Pagès left Credit Suisse three months ago in March, and turned up at Point72 in May. He joins Cohen's fund as a macro portfolio manager after spending his nine years at Credit Suisse on the fixed income trading floor, latterly as a director on the euro linked inflation bonds and derivatives trading desk.
Credit Suisse is in the process of cutting CHF1.7bn in costs this year, a move which is expected to entail a further 3,000 job cuts across the bank. It's not clear whether Pagès fell foul of Tidjane Thiam's cuts, however, or whether he left of his own accord. Either way, Pagès has landed on his feet: with many hedge funds struggling with poor returns and volatile investor funds, Point72 increasingly looks like an appealing place to work. - Employees get the opportunity to place directional bets on the market without the bureaucratic constraints imposed by large institutional investors.
In an interview with us last month, Will Tovey, head of Point72 Asset Management in London, said the fund could hire as many as 48 people this year. Getting in is hard though: Steve Cohen recently indicated that only 2% to 4% of applicants are accepted.