If you're a senior trader in an investment bank and you want to move to a hedge fund now, your best bet is not to start a hedge fund yourself but to move to a fund founded by a former colleague that's already fully operational.
We've seen this over and over again at the likes of Goldman Sachs and UBS. Now Cit's traders are up to it too.
Jay Parshottam, Citi's former managing director in emerging market credit trading just resurfaced at Silver Ridge Asset Management, a macro hedge fund set up by two ex-Citi colleagues, Anil Prasad and Farhang Mehregani, in 2015.
Parshottam spent 12 years at Citi and worked in New York, Hong Kong and London. He quit Citi's London office in June 2016 and joined Silver Ridge this January, suggesting he had a 6 month period of gardening leave.
Silver Ridge has six registered employees according to the Financial Conduct Authority Register. Including Parshottam, four of them now come from Citi. Prasad was Citi's former head of global FX trading. Mehregani was a former Citi equities trader, and another trader - Paul Murray - was a former CEEMEA rates trader at the bank.
Other Citi traders who want to join Silver Ridge stand to be disappointed though: the fund isn't a big hirer. Before taking on Parshottam this January, its last hire was Jean-David Aube, who joined after working for Barclays in January 2016.
Silver Ridge isn't the only hedge fund where former Citi traders have convened: there's also Portman Square Capital, set up by Sutesh Sharma, Cit's former top proprietary trader in 2011, but that hasn't hired for three years and it's last recruit came from Mizuho...
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