Top quants are leaving Deutsche Bank's remaining equities strats team
If you're a strat at Deutsche Bank and you work on the bank's "Jaguar" equities strats platform, you might be wondering what's coming next. - After all, the bank is exiting the equities business and your services will ultimately be surplus to requirement.
This might be why two of Deutsche's top equities strats are understood to have left the bank in New York City. - Insiders say Charlie Che resigned and that another exit is imminent.
Deutsche isn't commenting on the two men's resignations, which were confirmed by insiders. Che joined DB from Goldman in 2014 and was the bank's head of U.S. equity derivatives strats, covering flow, exotics, corporate derivatives and quantitative investment strategies (QIS).
Although Deutsche is shuttering its equities business, equities strats are still needed by the bank. Che is thought to have been part of the Capital Release Unit (CRU) which is winding down Deutsche's remaining hybrids, corporates, convertibles and QIS books.
DB insiders suggest Deutsche is lacking equities strats expertise. Miguel Barrio, a New York-based managing director and the former global head of equity strats resigned in early July, along with Stuart Adamson, head of quantitative investment strategies strats. Che was subsequently one of the most senior equities strats remaining at the bank in New York.
Deutsche does have another strats team, however. Alongside 'Jaguar' the bank developed 'Kannon,' a fixed income currencies and commodities strats system, which is still fully staffed. Insiders say the two teams were bitter rivals until this point. "Most of the equities strats have resigned rather than joining the CRU or Kannon," says one.
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