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Top macro traders at struggling Caxton Associates are being snapped up elsewhere

One of the top macro traders at Caxton Associates in London, who left earlier this year as the hedge fund restructured after a tough period, has just re-emerged at Izzy Englander’s $35.3bn firm, Millennium Management.

Greg Knight, the former co-head of foreign exchange spot trading at Deutsche Bank who quit in 2012 to join Caxton Associates, was hired by Millennium as a partner earlier this month, according to new filings on Companies House. An experienced spot trader, Knight spent 17 years at Deutsche Bank and was promoted to co-head of spot FX trading at the bank alongside Philip Wood during a management reshuffle in early 2011.

Knight left Caxton in June as the hedge fund struggled with poor performance and cut fees for the second time in 12 months. According to reports on Bloomberg, Caxton is down by 12.5% this year to 5 December 2017 and is allocating more money to its chief executive Andrew Law in an attempt to stem losses and investor redemptions.

Knight was one of a number of high profile exits from Caxton earlier this year including Josh Berkowitz, its second largest risk taker, who left in June alongside six other portfolio managers.

Other significant departures at Caxton are also landing elsewhere. Jean-Luc Alexandre, the former head of emerging markets prop trading at BNP Paribas who joined Caxton Associates as a portfolio manager on its emerging markets and macro desk in 2014, left in August. He has just re-emerged at Symmetry Investments, the $4.1bn hedge fund spun out of Millennium Management in 2014.

Philippe Fourcade, another BNP Paribas prop trader who joined Caxton with Alexandre in 2014 and left alongside him in the summer, also joined Symmetry Investments earlier this month.

Despite its struggles globally, Caxton added nine portfolio managers in London last year and continued to poach employees from rival hedge funds in the first quarter. James ter Haar and GJ Prasad joined from Millennium Management in March. It made profits of £95.7m in the UK last year, up from £15.8m in 2015, and paid its partners an average of £3.75m.

Millennium, meanwhile, has continued to hire in London as 2017 draws to a close. Simon Statman, a former gas trader at J.P. Morgan who moved across to Citigroup in December last year, joined in November, as did Josh O’Byrne, a Citi FX strategist who joined the hedge fund in a similar role.

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AUTHORPaul Clarke

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