Hedge fund Jain Global hired Morgan Stanley's head of high yield trading in London
When we revealed this week that Jon Stead, the head of high yield trading at Morgan Stanley, had resigned from the bank, we suggested that he might be joining hedge fund Point72.
We were wrong. Stead will instead be joining hedge fund Jain Global.
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Jain Global declined to comment and Stead did not respond to our requests for comment. However, multiple sources confirmed that his destination will be Jain.
We understand that Stead might help Jain set up a new European high yield trading business. Maybe he will hire some more people? Maybe they will also come from Morgan Stanley, where the credit team has been leaking talent for a while? Jain Global has a history of hiring credit traders from Morgan Stanley: the bank's former head of European credit trading Herbert Filho arrived on June 3rd 2025 and left again in early February, possibly for personal reasons.
Jain Global was founded by Bobby Jain, a former co-chief investment officer at Millennium. It launched in July 2024 with $5.3bn and delivered returns of only 0.5% in the half year of 2024 and only 3.7% in 2025 as it began deploying capital. So far this year, it has generated returns of 3.9% according to Bloomberg. Citadel CEO Ken Griffin suggested last month that hedge funds currently need to generate returns in excess of 8.55% to keep investors happy. Fortunately Jain Global will now be managing money exclusively for Millennium, which is familiar with Bobby Jain's talents.
Unusually, Jain Global launched with seven different strategies. These included: fundamental, quantitative and arbitrage in the equities business; rates, macro and credit in fixed income; plus Asia. Speaking earlier this year, Bobby Jain referred to the approach as a "seven-legged-stool."
Jain Global has also invested heavily in infrastructure. Business Insider reported in May that Jain's back office staff have been guaranteed compensation until the end of 2026.
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