Fixed income salespeople and traders find haven in the storm
True to its name, fixed income boutique StormHarbour is offering safe passage through 2016 to fixed income salespeople, traders, and debt bankers who've decided the turbulent waters at major investment banks are not for them.
The UK's Financial Conduct Authority (FCA) register reveals that StormHarbour has made several recruits from London banks in recent weeks.
They include Roderick Gadsby, a former MD covering infrastructure debt and capital markets at UBS in London. Gadsby left UBS in April and has just turned up at StormHarbour as an MD and leader of the infrastructure group.
Gadsby follows UBS colleague Dean Catton, a former executive director level credit trader at the Swiss bank, who joined StormHarbour Securities as an MD and partner in April.
StormHarbour also hired Edward Tunstall, a former senior vice president in asset backed securities sales at Jefferies and Cyrille Javaux, a structured credit trader from independent credit investment firm Hayfin Capital Management.
The most recent accounts for StormHarbour, for the year ending December 2014, show that the combined group of companies made a loss of £440k on turnover of £23m. This might by why Stormharbour appears to have been firing as well as hiring - registered people in London have fallen from 49 to 40 since June 2015 according to the FCA Register, so may StormHarbour's not so safe after all?