Ex-Credit Suisse trader who tried two hedge funds finally reverts to banking
As we've noted before, multistrategy hedge funds are not necessarily the best places to be now. One former Credit Suisse equity derivatives trader who left after 10 years in 2022, has worked for two hedge funds since leaving banking, and has now reverted to the sell-side again.
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Drew Marsh first joined Squarepoint Capital, a New York-based quant fund, as a portfolio manager. He worked there for 19 months before leaving for Walleye, a small multistrategy fund before leaving again in May 2024.
Marsh's exit from Walleye came after the fund was said to be eliminating around a dozen people in March 2024. Equities focused employees including Michael Martin, Lawrence Hurvich and Jerry Siliverdes were subsequently said to have been let go.
Marsh is understood to have been among the cuts. He didn't respond to a request to comment.
Either way, Marsh has found a new role. - He just joined BNP Paribas in New York as a director in equity derivatives trading.
Marsh's return to the sell-side comes amidst warnings that portfolio management jobs are more challenging than many people think. Former FX trader Brent Donnelly told us the majority of people he knows in hedge funds don't succeed. Giuseppe Paleologo, quant and former risk manager at top funds like Millennium, told Bloomberg in May that most big multistrategy funds purge their ranks of 20% of the lowest performers each year. Walleye CEO and Co-CIO Will England, himself warned last year that portfolio management jobs can be "psychologically extremely toxic" and are not suited to everyone.
Unsurprisingly, then, Marsh is far from the only person to leave a hedge fund for banking. Ben Hutson, a former portfolio manager at Garda Partners returned to Barclays as global head of FX forwards in March, for example.
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