Steve Cohen bolsters his macro trading team in-house at Point72 Asset Management with $31 billion of assets under management.
Global macro trading is an investment strategy identifying opportunities based on macroeconomic factors, geopolitical events, and market trends.
“Steve Cohen bolsters his macro trading team in-house at Point72 Asset Management with $31 billion of assets under management”
WEALTH TRAINING COMPANY
Steve Cohen bolsters his macro trading team with 51 macro trading teams
Mo Grimeh will be leading the macro trading team and there will be two new hires next year, according to a spokesperson. That’s five times the size three years ago when Grimeh, former deputy global head of fixed income at Izzy Englander’s Millennium Management, joined the Stamford, Connecticut-based firm.
The new hire includes Charles Thorburn from Caxton Associates in January to trade rates.
Ketan Gada is also expected to be hired from Banque Pictet & Cie SA in April and will focus on emerging markets, according to the spokesperson both positions will be based in London.
Macro trading is increasingly playing a larger role in multi-strategy hedge funds as economies across the world grapple with inflation, interest rate volatility and heightened geopolitical uncertainties.
“Macro trading is increasingly playing a larger role in multi-strategy hedge funds”
WEALTH TRAINING COMPANY
The uncertain macro environment is sparking volatility, which translates to potential trading opportunities. Billionaire investor Alan Howard predicted a good time for macro traders over the next five to ten years at a rare recent public appearance in Abu Dhabi in November.
Steve Cohen’s Point72 Asset Management added eight money managers this year, taking the total number of macro teams to 49. More recently, Louis Wang joined last month in New York from Third Point to trade credit. London-based Julien Ercole, a former Barclays Plc trader, also started in November to focus on rates trading, while Julien Cheron joined in December from Carmignac Gestion. The latter is focused on foreign exchange and rates and is based in Paris.
“Cohen has a net worth of about $14 billion, according to the Bloomberg Billionaires Index” – Wealth Training Company
Point72 is tapping into a hot market for traders where multi-strategy hedge fund competitors are ramping up recruitment in the wake of an increased demand from investors for steady returns. The battle for talent is pushing up the remunerations for star traders.
Hedge Funds at War for Top Traders are dangling $120 million payouts
Grimeh was the chief operating officer at Silver Spike Acquisition Corp just before joining Point72.
Before that, Grimeh was at Millennium Management and spent about a decade as global head of emerging markets fixed income and equities at Lehman Brothers Holdings Inc.
More than 185 teams of money managers trade for Steve Cohen’s Point72, which has returned 9.8% through November this year, according to the fund’s spokesperson.
Cohen has a net worth of about $14 billion, according to the Bloomberg Billionaires Index.
