AQR Capital Management has lost two important traders, according to Bess Levin at DealBreaker.
Levin’s source says that the head of trading in AQR’s high frequency and discretionary trading operations quit after chafing under management by a senior former Goldman Sachser. The same source also says the head of convertible bond trading has left the firm.
DealBreaker redacted the names of the traders involved, although we’re not sure wh. Readers have speculated that the high-frequency/discretionary trader is Matthew Weishar and the convertible bond trader is Ermenegildo Niutta.
From DealBreaker’s source:
Management hired some dinosaur over from GS and made him [redacted]’s boss. It was a strictly marketing decision as they didn’t want to tell stodgy pension fund guys that the head trader is only 29. It makes you look better to stick some balding 55 year old guy in front of gullible fund of funds guys. That has caused some friction for a while and [redacted] finally had enough and decided to quit. I cannot divulge where he is going as he is now locked in a fight to get out of a bogus non-compete agreement that he was pressured to sign when he joined the company some six years back.
The convertible bond trader, who readers believe is Niutta, was reportedly “responsible for nearly 100% of the trading in the convertible bond fund (also known as CNH), which is the only fund at AQR that has made any money lately and as such the only fund they have been marketing.”
For more on how AQR is reacting to the departures, read Levin’s post here.
Anyone else have intelligence on this? We haven’t been able to independently confirm any of this.