Ex-top Deutsche Bank traders quietly regroup at hottest PE fund in the world
While former Deutsche Bank senior executives remain embroiled in a battle over withheld bonuses, the ex-top traders one rung below them have had a good rest and are up to something new and exciting.
Yesterday it emerged that Colin Fan, the Harvard graduate, ex-credit trader, man who made MD at 28, and one-time head of Deutsche's trading business has joined SoftBank, the Tokyo-based telecommunications and software firm. It's not clear what Fan will be doing at Softbank, but he's being reunited with Rajeev Misra, Deutsche's former head of global credit trading.
Since January this year, Misra has been running Softbank's $100bn Vision Fund, the world's biggest technology private equity vehicle, out of Mayfair in London. Bloomberg reported in December that the fund would be hiring "dozens of people", and as far as we know, Misra's clear preference seems to be for hiring former colleagues from Deutsche.
Reports suggest that Softbank already has 15-20 people investing its money based out of Mayfair, San Francisco and Tokyo. Few of these hires have been made public. However, alongside Fan we know Misra's hired Akshay Naheta, a former Deutsche Bank proprietary trader, and Saleh Romeih, a former Deutsche Bank MD who left for Goldman Sachs in 2013. Alok Sama. a former Morgan Stanley banker and CFO of Softbank's European operations, mysteriously joined the Vision Fund in November before leaving again in January, according to a filing with the UK's Companies House.
Misra, Naheta, Romeih and Chan aren't the only ex-DB traders converging on the Vision Fund though. London's other group of top ex-Deutsche Bank traders - those at F.A.B Partners (now renamed 'Centricus' after acquiring Halkin asset management, a London equity hedge fund, in May) are also involved. Nizar Al-Bassam and Dalinc Ariburnu, two out of F.A.B's four key ex-DB employees, helped raise capital for Vision and acted as advisors to Softbank when it bought Fortress Investment Group in February.
In Fan's case, the new Softbank job comes after a healthy rest. After working at Deutsche for 17 years, Fan left in November 2015 and was later accused of improperly profiting from personal trades. It's not clear what Fan did during the interim, although Deutsche insiders say he spent some of the time learning the ways of a Buddhist monk in the proximity of China.
Misra, meanwhile, seems to be a fan of the ubiquitous Shamballa bracelet. Leave DB, find yourself, join the Vision Fund.
Photo credit: flame by PhilippSchüller is licensed under CC BY 2.0.