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JPMorgan Chase’s co-head of global markets is leaving the US bank after more than two decades to join Rokos Capital Management, the latest defection from a Wall Street bank for a high-profile role in a hedge fund or trading firm.
Jason Sippel, who jointly led JPMorgan’s sprawling trading business, will join the UK-headquartered macro hedge fund as its deputy chief investment officer and global head of markets, reporting to founder Chris Rokos. He will join the partnership board, subject to regulatory approval, the hedge fund said.
Hedge funds such as Millennium Management and trading firms such as Citadel Securities have succeeded in luring top talent from bulge bracket banks in recent years.
One of David Solomon’s senior lieutenants Jim Esposito left Goldman Sachs last year for a role at billionaire Ken Griffin’s Citadel Securities, while Goldman’s treasurer went to Izzy Englander’s Millennium.
Chris Rokos has built one of the world’s best-known macro hedge funds in Rokos Capital, where he is the firm’s key trader as well as serving as its chief investment officer.
Before starting RCM, he co-founded rival macro hedge fund Brevan Howard alongside Alan Howard and other partners.
Sippel worked at JPMorgan for 23 years in Tokyo, Hong Kong, New York and London, and was key in building up the bank’s presence in equities trading and prime brokerage.
He was only promoted to the role of co-head of the bank’s fixed income and equities trading business 12 months ago, alongside Pranav Thakur, as part of a management reshuffle. Thakur will become sole head of the business following Sippel’s departure.
His leaving comes after JPMorgan generated record revenues of about $30bn from trading last year.
In an internal note announcing Sippel’s exit, the heads of JPMorgan’s commercial and investment bank, Doug Petno and Troy Rohrbaugh, credited him with “spearhead[ing] many of our key initiatives and technology investments”.
Rokos Capital manages $19bn and employs roughly 340 people around the world, specialising in trading a variety of assets based on key economic indicators.
Its fund was up about 31 per cent to December 27 last year, said people familiar with the matter. Richard Tang, the firm’s head of global markets, is leaving the partnership, but will continue to serve as a senior adviser.
Chris Rokos said of Sippel: “I cannot think of a more experienced, insightful and inspiring leader to be joining us and I look forward to his contribution to the firm.”
The news of Sippel’s move to Rokos was first reported by Bloomberg.
