One of Bank of America's biggest rates traders just quit in Singapore. For a fund
Kuldeep Jagtap, where are you? Still, we understand, at Bank of America in Singapore. But not for long.
Bank of America declined to comment and Jagtap didn't respond to a request to comment, but we understand that he's resigned and will be leaving to join a fund at the end of the month. That fund may be Singapore-based Modular Asset Management, but this is not confirmed.
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Jagtap spent seven and a half years working on the rates desk at BofA in Singapore and is thought to have been one of big risk-runners there. His departure is a loss for BofA.
Modular Asset Management has been hiring. In April, it added Hoe Lon Leng, who was the global head of rates and FX trading at Nomura until ANZ people arrived. A senior trader from Standard Chartered is thought to be on the way there too.
Modular is a macro hedge fund run by Jimmy Lim, a former JPMorgan trader who left for BlueCrest and then Millennium. Lim was running $600m for Millennium until last September and was said to have $1.6bn in AUM.
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