Bobby Previti Joins Point72 as Macro Portfolio Manager
When Bobby Previti resigned from his job as a managing director and head of SSA (Sovereign, Supranational, and Agency) and covered bond trading at Bank of America in London in September, it was announced that he would be joining a hedge fund, but the specific one was not disclosed.
Recent information has revealed that Previti is set to join Point72, a prominent hedge fund managed by Steve Cohen, as a macro portfolio manager in London. He will be establishing a pod within the fund’s macro team, which is overseen by Mohammed Grimeh, a former Lehman Brothers trader.
Point72’s Recent Hiring Trends
Point72 has been actively expanding its team, with notable hires including Gareth John, a credit trader who previously worked at Morgan Stanley, and Koh Ushijima, a macro trader who recently joined from Symmetry in Hong Kong. These additions come as Point72 continues to deliver strong performance, with returns of 13.2% reported in the year leading up to October.
Despite Point72’s success, the fund has also experienced some departures, including Alex Erhhart and Alex Blanchard, who left for Millennium in the past two months.
Industry Trends and Movements
Bank of America’s fixed income trading revenues have shown a significant reliance on macro trading, accounting for nearly 60% of the total in the first half of this year. This shift reflects the bank’s strategy to focus on rates and currencies trading, particularly in the Asia and EMEA regions.
In line with this trend, other major financial institutions have been making strategic hires in the trading space. UBS, for example, recently recruited Jérôme Etienne, a rates vol trader who departed from Bank of America earlier in the year.
These movements within the industry indicate a dynamic environment where top talent is in high demand, driving competition among leading hedge funds and financial institutions.
Conclusion
In conclusion, Bobby Previti’s move to join Point72 as a macro portfolio manager underscores the ongoing shifts and developments in the financial industry, particularly within the hedge fund sector. As top talent continues to migrate between firms, the landscape of trading and investment management is constantly evolving, presenting both challenges and opportunities for professionals in the field.
For more information, you can refer to the original article here.
