In perfect finance ‘career arc’ terms, moving to a big portfolio management job in a hedge fund after years as a sell-side trader is a one-way ticket.
However, Mark Deniston, who left his job as head of sterling rates swaps at Goldman Sachs to join Brevan Howard in 2013, has returned to banking. But Deniston, who left Brevan in August last year, is now working at Royal Bank of Scotland.
Deniston is a managing director and head of GBP rates trading at RBS. The bank has, of course, been consistently scaling down its investment bank and continues to cut heads and move away from risky activities.
If Deniston’s move from Goldman to Brevan and then RBS therefore seems like a bit of come down, it’s worth remembering that RBS’s rates trading team is one of the best in the business.
In Q2 last year, as most fixed income teams enjoyed an increase in revenues thanks to the Brexit bounce, RBS posted a 40.7% year on year increase in macro trading revenues. This was 8.3% and 5.2% respectively at HSBC and Barclays. In Q3, revenues in rates were £348m – or a 117.5% year on year increase.
At Brevan Howard, meanwhile, fees were cut on its BH Macro fund in October as it waived an operational services charge. Generally, the hedge fund has been struggling with investor redemptions and a number of senior staff have left in recent months.
Deniston spent nearly five years at Goldman Sachs before moving to Brevan Howard in May 2013. Before this, he was a vice president at Deutsche Bank for six years.
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