As Deutsche Bank rebuilds its US high yield trading business, it’s understood to have hired a trader who recently left a sometime fickle hedge fund.
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Walleye Capital reportedly axed its credit and commodities teams in May in order to better focus on its volatility, quant, and long short equities strategies. In the process, it’s understood to have let go of Travis McCormack, who only joined the fund in August 2024 from Citi, where he’d worked for 13 years.
It’s understood that McCormack has been rescued by Deutsche Bank, which declined to comment. McCormack is expected to run Deutsche’s high yield desk and to join in late August.
McCormack is the latest of several hires to Deutsche’s US high yield trading business. Recruits include Richard Purdy, who joined from Barclays in May, Peter Yune a high yield trader from Bank of America, and Jackson Merchant from Mizuho.
Bloomberg noted recently that Deutsche Bank’s leveraged finance business has lost market share and now accounts for 3.6% of the global market, down from 9% 11 years ago.
Michael Nelson, head of the US markets business at search firm Sheffield Haworth told Bloomberg that departures from Deutsche’s high yield sales and trading business were partly responsible for its withering market share. “They’ve hired individuals from a variety of firms and at different seniority levels,” Nelson told us.
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