Morning Coffee: Top hedge fund reiterates great enthusiasm for hiring traders from banks; how breeding kills banking careers
It's happened again: BlueCrest Capital Management has hired a trader from a bank. Once again, the bank it's hired from is Nomura.
BlueCrest is known to be building an equities fund, for which it hired several traders from Nomura earlier this year. More recently, BlueCrest has been hiring from other places, like Credit Suisse. Now, Bloomberg reports that BlueCrest has returned to its favourite source and recruited Marcel Kfoury, Nomura's former head of emerging market credit trading. Kfoury resigned from Nomura on October 1st and won't join BlueCrest until January 1st (suggesting a mere 3 months of gardening leave). BlueCrest continues to express enthusiasm for hiring ex-bankers: it says it's building an 'investment bank-quality' trading operation that will bet on market movements instead of arbitraging anomalies. 'Many of the BlueCrest team have come from the ranks of large investment banking houses," says the fund's own website enthusiastically.
Separately, Marisa Drew - the most senior banker at Credit Suisse in Europe - suggests she's pinpointed the reason why there are so few women in senior banking jobs: children. For female bankers, Drew says that having children typically coincides with the point in their careers when they move from processing transactions originated by senior men colleagues to doing deals themselves. It "can be overwhelming" says Drew, who clearly realizes that dealing with clients and dealing with infants simultaneously is too much to handle. Drew has been married for 24 years and has no children of her own.
Jamie Dimon may already no longer be chairman of JPMorgan Chase. (Bloomberg)
A portrait of Anthony Noto, the Goldman banker leading the Twitter IPO. (NY Times)
Goldman Sachs is running training sessions for its VPs, during which it poses the challenging questions, such as: should credit lines be withdrawn from a client during a crisis. (Economist)
Renaissance Capital hires Benjamin Samuels as head of equities. Samuels left BAML nine months ago. (RenCap)
FCA: “The impression Ian Hannam gives is of a man with considerable personal charisma, but who does not focus on the words he uses and is rather loose in what he says. He appears more comfortable with generalities than details, and that may be very useful in brokering the large deals that he has done in his career. “ (The Times)
Blackstone thinks the time has come for investing in European distressed debt. (Bloomberg)
Andrea Orcel’s pay is becoming a big issue in Switzerland. (Finews)
The six factors that will genuinely predict your chances of getting laid off. (Harvard Business Review)
Young male traders are like baboons and need supervision from older males and females. (CNBC)