Goldman Sachs hired traders from Glencore and hedge fund Moore Capital Management as the bank seeks to rebuild its bulk commodities team following a string of departures, according to people familiar with the situation.
Julian Rifat, a former trader at Moore Capital Management who was once named in a list of 'Institutional Investors That Matter', pleaded guilty to insider dealing at a London court.
Michael Pringle will leave as global head of equities trading at Citigroup to join Moore Capital Management, the $15bn hedge-fund firm run by Louis Moore Bacon.
Paul Tudor Jones, Michael Novogratz and Louis Bacon, hedge-fund managers that profited last year from bets on macroeconomic trends, posted losses in the first quarter as some of those trades turned against them.
Moore Capital Management and Maverick Capital Management bought Citigroup shares as the bank’s board grew dissatisfied with CEO Vikram Pandit’s performance, eventually ousting him.