Citi's global head of equity quant analysis left for Brevan Howard's old back office

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Citi's global head of equity quant analysis left for Brevan Howard's old back office

Brevan Howard's back-office business, Coremont, has hired Citi's global head of equity quantitative analysis as a quant analyst in London.

Mark Gibbs, who was with Citi for about a decade, joined Coremont earlier this month according to his LinkedIn profile. Gibbs, a PhD in Theoretical Physics, was Citi's global head of equity quant analysis. 

Coremont offers integrated front-to-back office services for rival investment managers and financial institutions. The company was incorporated in February 2018 after hedge fund Brevan Howard spun out its back office operations to create a new source of revenue at a time when global macro funds were going through a difficult period. Brevan Howard had previously been managing its back-office operations from its base in Jersey with a team of 50 people. Last summer the fund closed its gym and London kitchen in an effort to cut costs. 

Prior to joining Citi as a managing director (MD) in 2009, Gibbs served as an MD at Morgan Stanley for about five and a half years. He started his career as a director at Dresdner Kleinwort Wasserstein in 2000, three years after completing his doctorate degree from the University of Cambridge.

Jev Mehmet, who had served as the chief operating officer (COO) at Brevan Howard for 12 years is Coremont's CEO.  Coremont employs around 50 people. The situation at BH hasn't improved much though. The Brevan Howard AH Master Fund - overseen by Alan Howard himself - saw an 8.5% slump in the first couple of months this year.

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