Credit Suisse prime broker escapes to hedge fund

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Credit Suisse prime broker escapes to hedge fund

A director in Credit Suisse's London prime broking team has left for a hedge fund.

James Pinney, a member of Credit Suisse's EMEA capital introductions team has disappeared from the bank and is joining Seganti Capital Management, a Hong Kong-based hedge fund that's had a London office since 2014. Pinney's joining Seganti in business development.

His exit follows a period of upheaval for Credit Suisse's prime broking business following this year's $5.5bn loss relating to Archegos Capital Management. Former heads of prime broking, John Dabbs and Ryan Nelson, left in April and the bank has rehired its former head of prime broking, Indrajit Bardhan, on a consultancy basis to clear up the mess. Credit Suisse has been losing ground in prime broking since Archegos and a decision to cut its exposure to risks in the area. In July, an independently produced report blamed the incompetence of Credit Suisse's senior managers in prime broking for the loss. 

Both Dabbs and Nelson have yet to find new jobs, but Pinney, who spent nearly four years at Credit Suisse after six years at family owned sustainable investment group Treïs, wasn't that senior at the Swss bank, and has clearly been untarnished by the Archegos affair. His escape could embolden other mid-ranking staff in the CS team, who may feel that the clocking is ticking on an end of year strategy review that could see prime broking cut even further. 

Photo by 🇻🇪 Jose G. Ortega Castro 🇲🇽 on Unsplash

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