Morgan Stanley's head of US macro credit trading left for a hedge fund too
As we reported last week and noted again yesterday, people have been leaving Morgan Stanley's London credit sales and trading team. Now, someone has left in New York too.
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Jeff Qiu, the head of US macro credit trading at Morgan Stanley in New York, has resigned. Qiu is understood to be joining hedge fund Garda Capital Partners after collecting his bonus.
It's possible that Qiu's bonus wasn't great. There are complaints among some in the London team that people are paid arbitrarily based on their popularity with Rehan Latif, the global head of credit trading. Others, however, dispute this.
Qiu may simply have availed himself of the big packages offered by hedge funds. Nicolas Monaghan, a macro portfolio manager whose exit from Garda is under dispute, reportedly generated $250m in profits for the fund over a period of five years or so. If Monaghan received the 20% of those profits in pay, he will have made $50m. Similar money is rarely on offer in banks.
Qiu isn't the only Morgan Stanley credit trader leaving for a hedge fund. Herbert Filho, Morgan Stanley's head of European credit trading and research, resigned last Friday to join Jain Global. Filho was a favourite of Latif, but Jain Global seemed preferable nonetheless.
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