New York Securities admits that they were only able to hire the 19* high-calibre traders you’re about to meet because of Paul Volcker.”We are getting a big influx of traders coming out of banks, primarily because of the Volcker rule,” Joseph Schenk, the former CFO of Jefferies and now chief of New York Securities, told the Wall Street Journal.
Lucky for them, because the new hires are veritable smorgasbord of major bank and top-class hedge fund vets from SAC, Galleon, Soros Fund Management and Balyasny.
The new head of options trading, Dennis Davitt, for example, was the U.S head of derivatives trading at Credit Suisse. Another Credit Suisse recruit, Alain Delelis, previously headed up spot and prop trading at the bank.
And a total of four additions were snapped up from the prop trading desk at BofA that is managed by former Merrill fixed-income head David Sobotka. Sobotka’s team lost portfolio manager Troy Setrakian, London-based equity portfolio manager Adam Abraham, New-York based bond manager Roland Clough and Robert May, a New-York based stock trader.
* 19 of the 40 traders they plan to hire, in case anyone’s interested.
Davitt has been named head of Options Trading and will be focused primarily on Equities. He spent the last 10 years at Credit Suisse as US Head of Derivatives trading, and before that was a Senior Trader at Wolverine Trading in Chicago.
Delelis joins as a trader on the Macro Rates/FX desk with a focus on Foreign Exchange. He was previously the Global Head of Spot & Prop Trading at Credit Suisse and also worked for BofA, Deutsche Bank and Vega Asset Management.
Steve Sevier joins as a Trader on the Options Desk. He previously worked at Macquarie Capital and PricewaterhouseCoopers. He likes U2.
Brian Donlin joins as a Trader on the Options Desk. He is also a Macquarie Capital alum, and prior to that worked for Fox-Pitt Kelton and LaBranche Structured Products. He's an NYU grad.
Bob Farrell was the former Senior Head Hedge Fund Manager for Soros Fund Management. He'll join as a trader on the Macro Rates desk. He was most recently a Portfolio Manager at Morgan Stanley and also worked for Countrywide Capital Markets, AFG and Bankers Trust.
Troy Setrakian joins as a trader and Portfolio Manager in Equities. Most recently, he served as a Director or Global Prop Trading Equities at BofA.
Roland Clough joins as a trader on the Macro Rates/FX desk with a focus on Latin America.
Robert May, a New-York based stock trader, previously worked as an equity trader for Tiger.
London-based equity portfolio manager Adam Abraham.