Hedge Funds Raid BNP’s Shuttered Prop Desk Amid Talent Race
- Traders from Opera unit find new roles after January closure
- Hedge funds compete for traders as returns lag, recruiters say
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BNP Paribas SA’s closure of its proprietary-trading desk has triggered a hiring frenzy for the world’s biggest hedge funds.
Citadel has recruited Mathieu Gaveau, who was head of rates at BNP’s Opera Trading Capital division until it was shut down in January. Paolo Nicolosi, a senior foreign-exchange trader at the unit, has joined Brevan Howard Asset Management, while some of their colleagues have started roles at Capstone Investment Advisors, Capula Investment Management, Eisler Capital and H2O Asset Management.