More managing directors at banks are leaving for hedge funds

It's still happening. No sooner did we suggest that hedge fund traders who once worked for investment banks were returning to their former homes than senior bank traders have begun leaving for hedge funds all over again. There have been at least two in this month alone.

The latest hedge-fund leavers include Corrado Giovanelli, a former managing director for global markets sales in Italy, who's turned up at a hedge fund in Milan, and Laurent Henrio, the former global head of credit trading at SocGen, who's arrived at Axiom Alternative Investments, where he'll be running a fund. Both men had been long-term sell-side employees previously -  Giovanelli spent nearly eight years with Credit Suisse and nearly 10 years with Merrill Lynch; Henrio spent nearly eight years with SocGen and seven years with J.P. Morgan.

Giovanelli will be managing director at Incus Capital, a Madrid-based fund focused on capital credit lending. He will be working in the Milan office after leaving Credit Suisse in June. Henrio, who also left SocGen three months ago, will remain based in London with Axiom.

Henrio and Giovanelli's moves come as hedge funds are increasingly hiring from within their own ranks. ExodusPoint Capital, the $8bn hedge fund set up by Michael Gelband, a former star fixed income trader at Millennium Management, has shown a preference for hiring established traders from other hedge funds (read Millennium). It's just recruited Andy Hill, a former trader at Balyasny and Millennium who started his career at UBS, as head of trading in London.

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