Jon Corzine is set to make some huge changes to MF Global Holdings this year that might make it seem a little more like his former employer, Goldman Sachs.
Firstly there are plans to expand into asset management, maybe through an acquisition, according to the WSJ.
Secondly he’s going to start betting with more of the firm’s money. (Back in September, he told investors that earnings from principal trading can increase to 20% of the firm’s bottom line from 5%).
To execute the plan he’s just hired a new trading chief: Munir Javeri.
Javeri was a global macro investor at Soros Fund Management and will run the firm’s prop-trading desk, the Principal Strategies Group. He was most recently a partner and portfolio manager at hedge fund Gandhara Advisors.
- Michael Stockman to be the new chief risk officer. Stockman was previously chief risk officer for the Americas and an MD in Fixed Income at UBS. He’s also worked for Morgan Stanley, Goldman Sachs and Salomon Brothers.
- Jon Bass to be the new global head of institutional sales. Most recently, he was the global head of fixed income at BTIG. Before that he ranU.S. fixed income distribution for UBS.
- Mike Blomfield to be managing director of Asia Pacific. He’ll be based in Singapore and was formerly the head of Commonwealth Bank of Australia’s retail brokerage and the bank’s equity division.
Corzine, of course, says he isn’t trying to clone Goldman.