People moves in the hedge fund world

Brevan Howard adds to to Asia credit team

Brevan Howard Asset Management has expanded its Asia credit team by hiring Andrew Saxton from Dymon Capital and David Nash, who previously worked at Modular Asset Management, a spin-off of Millennium Management. This comes after the firm reduced its global workforce by 10%, according to a Bloomberg report. Saxton has joined as a Credit Portfolio Manager in Hong Kong, while Nash is based in Singapore and has been authorized for regulated investment activities with the firm since late July, according to filings with the Monetary Authority of Singapore.

Although London-based Brevan Howard has been actively expanding its credit trading operations in recent years, these appointments follow recent job cuts, fund closures, and fee reductions in its flagship hedge fund, all part of a broader effort to control costs. Under CEO Aron Landy’s leadership, Brevan Howard has been focusing on expanding its credit, digital assets, systematic trading, and commodities businesses, alongside its core macro trading strategies. The firm’s assets have rebounded to around $34 billion, recovering from a low of approximately $6 billion in 2019 after peaking above $40 billion in 2013. Additionally, Brevan Howard has been increasing its global presence, including new expansions in Abu Dhabi.

Recent market conditions have been favorable, with the $12 billion Brevan Howard Master Fund turning a profit for the year. According to an investor letter reviewed by Bloomberg News, the fund gained an estimated 2.3% in the first two trading days of August and is up 1.1% for the year through August 2.

Hedge fund Schonfeld picks up a Goldman Sachs strat MD in London

Samuel Adams has joined Schonfeld as a Lead Architect after spending 14 years at Goldman Sachs, where he became a Managing Director in 2022 and most recently worked as a synthetic products strategist. Before his tenure at Goldman Sachs, Adams began his career at UBS following the completion of his PhD in mathematics from Imperial College, according to eFinancialcareers .

Adams isn’t Schonfeld’s only recent addition from the banking sector in London. Shuhuang Qi also joined the firm this month as an Emerging Markets and Delta One Analyst, following five years at Bank of America. In New York, Nomura's Macro Trading Executive Director, Matt Rupsis, has come on board as an Associate Portfolio Manager.

Schonfeld is experiencing a strong 2024, following a turbulent close to the previous year. According to the Financial Times, its Partners Fund has gained 10.3%, nearly double the average hedge fund return.

Verition appoints Millennium PM to macro role

Verition Fund Management, the multi-strategy hedge fund co-founded by Nick Maounis, has appointed Priyanka Chatterjee as a Portfolio Manager specializing in global macro trading, according to a report by Financial Times .

Chatterjee has joined Verition’s macro team in London, following a 15-month tenure as a macro Portfolio Manager at Millennium Management. Before her time at Millennium, Chatterjee spent five and a half years at Capula Investment Management, where she focused on global macro, equities, and FX trading, according to her LinkedIn profile.

Millennium taps Citadel researcher for PM role

Millennium Management, has appointed Matthias Traut as a Portfolio Manager, according to Hedgeweek . Traut previously held the role of Head of European Research for Global Fixed Income and Macro at rival firm Citadel.

After resigning from Citadel in August 2023, where he worked for over four years, Traut has been on gardening leave for the past year. Before joining Citadel, Traut was a Senior Quantitative Economist at Tudor Investment Corporation for 18 months and spent eight and a half years as an economist at Brevan Howard.