Weekly Update

Jain Global’s London team swells to 50 ahead of July launch

Bobby Jain’s multibillion-dollar hedge fund, Jain Global, has recruited over 10 portfolio managers for its London office, bringing the total staff count there to more than 50 as it prepares for its debut on July 1, according to a report by Financial News . Financial News reports that the London office has recently added Syril Pathmanathan from DE Shaw, Paul Jefferys from Citadel, and Jason Greenberg from BlueCrest Capital Management to its team. Other notable hires include Peter Bolland, Chief Investment Officer for systematic trading, along with several systematic portfolio managers.

Leading the firm’s European operations are Ashwin Kumar, the former Deutsche B?rse Managing Director, who is now the Head of Europe, and James O’Callaghan, a former UBS executive, serving as Global Head of Trading. Additionally, Anton Merlushkin, Head of Quant Modelling and Analytics, and Jeremy Wyatt, Head of EMEA Trading, will be based in London. Jain Global has secured office space at 16 St James’s Street in Mayfair, capable of accommodating around 80 staff.

In April, Jain Global added Benedict Stoddart from Morgan Stanley and Richard Martin from Credit Suisse as portfolio managers to its London office. Globally, Jain Global has hired more than 150 employees. Earlier this year, Sam Kellie-Smith from Morgan Stanley was appointed as Chief Investment Officer and Chief Executive for APAC in the firm’s Singapore office. This month, Joanne Lim from Balyasny joined as a senior trader in Hong Kong.

Trading Technologies International partners with Citadel-backed prime brokerage Hidden Road

Trading Technologies International (TT), a SaaS technology platform provider for the global capital markets industry, has partnered with Hidden Road, a prime brokerage backed by Citadel according to reports . The collaboration involves Hidden Road Partners CIV US, Hidden Road's CFTC-regulated futures commission merchant. This partnership allows Hidden Road clients to utilize TT’s platform for trading across various asset classes and products.

TT provides a comprehensive suite of services including order and execution management, algorithmic trading, surveillance and risk management, analytics and data, infrastructure and hosting, and post-trade allocation. These services span derivatives, commodities, fixed income, foreign exchange, and digital asset trading. Hidden Road’s offerings include FX, cleared derivatives, digital assets, OTC derivatives, and synthetics.

Citadel to buy power firm Energy Grid in first Japanese acquisition

Citadel is set to acquire the Japanese power firm Energy Grid, marking its first acquisition in Japan and the first significant U.S. investment in Japan's wholesale energy market in recent years, according to a Reuters report. Energy Grid, a privately held company, provides power price risk management services to Japanese firms. This acquisition will grant Citadel direct access to the Japanese power market. Since Energy Grid's establishment in 2021, Japan's power market has faced volatility due to Russia's invasion of Ukraine, which triggered a global energy crisis. Japan, heavily reliant on energy imports, was already in a vulnerable position following the 2011 earthquake and Fukushima nuclear disaster, which led to the shutdown of several major nuclear power stations.

Sebastian Barrack, head of commodities at Citadel, stated that the deal will "broaden the delivery of hedging solutions to Japanese energy producers and consumers." Yohei Jozaki, CEO of Energy Grid, mentioned that the acquisition will expand trading volumes and "offer longer-term risk management opportunities to more market participants." The transaction is expected to close in the third quarter of 2024, pending certain conditions. The deal size has not been disclosed. Citadel, based in Miami, Florida, manages approximately $63 billion in assets. Its flagship fund has gained more than 7.5% so far in 2024, according to a source familiar with the matter.