Deutsche Bank fixed income guy joins hedge fund pre-bonuses
ExodusPoint, the multistrategy hedge fund, continues to scoop up staff in London.
As we were first to report last week, ExodusPoint hired Bin Zou, a former executive director of FX and Rates systematic trading strategies at Goldman Sachs. Now we understand that it's also hired Vittorio Martino, a senior fixed income salesman at Deutsche Bank in London.
ExodusPoint staff work in pods around portfolio managers running particular trading strategies. Martino is understood to be joining at pod formed by Mirco Bulega, a former Credit Suisse economist who joined ExodusPoint in July 2022. Bulega joined ExodusPoint from Alphadyne Asset Management, the global macro and fixed income relative value fund founded by former JPMorgan Philippe Khuong-Huu and Bart Broadman. His pod at ExodusPoint is understood to be focused on macro trading.
Martino spent 13 years at Deutsche Bank and latterly worked on the Italian flow rates sales team. He is joining ExodusPoint today as a senior strategist.
As with all moves at this time of year, the timing of Martino's exit looks curious. Deutsche Bank will pay its bonuses for 2022 in February 2023, and the bank's macro traders have been having a great year. - Macro trading revenues at the bank doubled year-on-year in the third quarter. Deutsche said its spending on "performance related compensation" (bonuses) increased during the three months to October. Martino's exit suggests that he didn't consider it worthwhile waiting to see what they increased to, and that ExodusPoint bought out his likely bonus for this year anyway.
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