Man who quit banking for hedge funds and fintech returns to banking

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Leave banking for fintech

It's happened again: someone who left banking years ago, first for a hedge fund and then for a fintech firm, has reappeared in a bank.

BNP Paribas has hired Jasen Yang as the head of credit structuring in its New York office.

Yang began his career as a structured credit professional at Credit Suisse in 2000. He worked for Deutsche Bank and Barclays; latterly as a director of mortgage backed products on the principal trading desk, before leaving for a hedge fund in 2009. The new role at BNP Paribas marks Yang's move back into banking after nine years out.

Yang's interlude outside banking began at C12 Capital Management, a New York-based alternative asset manager that was spun out of Barclays Capital. Yang's roles included senior portfolio manager and head of risk management at the fund, which managed a $10 billion structured finance and derivatives portfolio. In 2014, he quit C12 Capital Management and founded Polly Portfolio, an automated investment platform that allows investors and their advisors to apply state-of-the-art institutional investment technology to the problems of individual investors.

Polly Portflio is still in operation after attracting a $2m seed investment in 2014, but Yang - for whatever reason, appears to have decided that banking is the better place to be than either fintech or hedge funds. He's not the only one to leave fintech - as we reported earlier this month, Nikolai Andreev, an ex-BAML director of emerging markets trading, has also returned to trading after setting up a start-up incubator.  The hedge fund industry, meanwhile, has become increasingly challenging, with many established funds closing down following a period of poor returns.

Yang's arrival at BNP Paribas comes as the French bank pursues 5% compound annual revenue growth between now and 2020 in its global markets business. Last year, BNP hired two credit traders in London from Goldman Sachs.

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