Head of trading at booming hedge fund leaves after 14 years
Despite the hire-and-fire mentality of investment banks, longevity is surprisingly common, with the likes of Goldman Sachs and Morgan Stanley boasting plenty of lifers who make it to the senior ranks. In hedge funds, however, it’s a less common trait.
Paul Murphy, a partner and head of trading at Egerton Capital, is an example of someone who has staying power at a hedge fund, however. He's been with the firm since 1999, having previously spent four years with JPMorgan as a senior vice president of European and UK sales trading. For the five years prior to that worked as senior manager of UK sales trading at Nomura.
However, he left the firm last week, according to the Financial Conduct Authority register and filings on Companies House. He’s no longer listed as part of the investment team on Egerton’s website, but the firm didn’t respond to requests for comment.
His departure comes in the same week as another hedge-fund lifer, Marshall Wace’s chief information officer Simon Goodman, who left in December after 15 years at the firm, according to filings on Companies House.
Murphy leaves at a time of expansion for Egerton Capital. In October, the firm closed its doors to new money following a surge in assets by 80% throughout 2013 to $11.4bn and has been looking to add research analysts throughout 2013.
Despite his title, Murphy was part of a trading team of just two people. He reported directly into chief investment officer John Armitage, who is engaged in stock-picking along with Marcello Sallusti, deputy chief investment officer, and senior adviser Ralph Kanza. Paul Tucker, a former managing director at Merrill Lynch, is also part of the investment committee at Egerton, which also employs a team of analysts who often have a background in investment banks’ equity research teams.