The latest prop traders to leave a bank for a hedge fund are Jason Feasey, who was head of structured credit prop trading for EMEA at BofA Merrill Lynch, and Jenna Collins, a prop trader in asset-backed securities.They’ll join London-based hedge fund Brevan Howard Management, according to Financial News.
The pair was formerly co-workers at Cairn Capital, and left BofA in Q4 last year as part of the bank’s move to cut between 20 and 30 prop trading jobs to comply with the Volcker rule.
Before BofA, Collins was senior portfolio manager at Cairn Capital, and before that was a lead analyst at Merrill Lynch in its European Structured Credit Research team. She ran a commendable 33 minutes in the JP Morgan corporate challenge a few years ago
Feasey, who’s a Cambridge grad, has worked at a prop trader for 16 years, and began his career at D.E Shaw.
This banker-turned-hedge-funder story seems to be happening weekly. Though obviously not always by choice, especially since it’s apparently way better to be a prop trader than a hedge funder.
First New York Securities – run by ex-Jefferies CFO Joseph Schenk – just launched its first hedge fund, made up of a huge number of former prop traders, including four from Merrill Lynch (one of whom was allegedly involved in the firm’s recent Chinese Wall scandal).
“We are getting a big influx of traders coming out of banks, primarily because of the Volcker rule,” Schenk said.