Lunchtime Links: Why are Morgan Stanley's senior traders leaving for hedge funds?
Morgan Stanley has lost another senior trader to a hedge fund. It emerged today that Marcin Wiszniewski, the bank's European FX and emerging markets head has left to run BlueCrest's emerging markets fund.
Brevan Howard is said to have hired four Morgan Stanley traders since September, including Geoffroy Houlot from the London propr-trading desk in London, Fabrizio Gallo, the former head of prop trading, and Richard Chau, the former head of equity structuring.
Equally, Eric Cole, who ran Morgan Stanley's distressed sales, trading and research business, is moving to Appaloosa Management.
What with banks being obliged to restrict risk taking and constrain pay, working for a hedge fund is clearly more appealing than used to be. Citigroup lost Matthew Carpenter, his deputy and up to 7 other traders to Moore Capital Management in February. And it emerged earlier this month that Goldman's Pierre Henri Flamand is leaving to set up his own fund.
However, Morgan Stanley is leaking more traders than anywhere else. The rebuild of its sales and trading business may be rocking the boat, as well limiting the bonus pool available for existing staff. It's also notable that so many of Morgan Stanley's departing traders have gone to BlueCrest and Brevan Howard, both of which are offering the opportunity to get out of Mayfair and into Geneva.
Deutsche Bank, Moore Capital and BNP Paribas embroiled in huge insider trading case. (Financial Times)
Another Swiss private bank plans big hiring in Asia. (Bloomberg)
Corzine's move to MF Global could herald future hiring. (Bloomberg)
Corzine drawn to MF Global by 'opportunities for international growth.' (WSJ)
57 percent of Americans have a mostly unfavorable or very unfavorable view of Wall Street. (Bloomberg)
Less than two years after leaving university, Alex Blankfein earned $155k. (NY Post)
E&Y thinks the bonus tax could net 2bn [They were right] (Telegraph)
CEO pay restricted to $500k at TARP banks. (NY Post)
Another reason to work in Switzerland. (NY Post)
On 2nd thoughts, Conservatives not so keen on a bank levy after all. (Telegraph)
