Who said hedge funds don't hire from banks any more? Pablo Salame, the former Goldman Sachs co-head of securities with a reputation for talking about butter, is joining Citadel. Bloomberg reported the news earlier today.
53 year-old Salame isn't joining Citadel in just any old portfolio manager job. He will be head of Citadel's credit trading unit, a role most recently held by Eric Felder, who left seven months ago. Goldman credit traders who are looking for a change might want to give their old boss a call.
Salame himself left Goldman Sachs in May 2018, so has had plenty of time to recuperate in the Hamptons. He's apparently joining Citadel later this month and will be tasked with developed and emerging markets strategies, plus convertible bond strategies in New York.
Salame's arrival comes after Citadel has been shaking up its fixed income business, led by Edwin Lin. Last month, the fund got rid of Colin Lancaster, who ran its macro strategies unit after joining from Balyasny Europe Asset Management in 2017.
Salame spent 22 years at Goldman Sachs, which he joined in 1996 on the emerging markets trading desk. Citadel staff often have a rather shorter tenure. - Felder, Salame's predecessor, lasted less than two years after joining from Magnetar Capital in New York (prior to which he was at Barclays and Lehman for fourteen years).
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