Key Takeaways
- • Shawn Cooper, a former Brevan Howard portfolio manager who departed in mid-2016, has joined Orchard Global Asset Management as a portfolio manager, marking the re-emergence of a senior trader in the London hedge fund market following significant departures from his previous employer.
- • Orchard Global has aggressively recruited from tier-one investment banks in 2017, hiring four senior credit traders and structured finance specialists including Viktor Sebek (UBS, 12 years), Philip Sbrocchi (Moelis & Co), and Tom Jørgesen (Deutsche Bank structured sales).
- • Brevan Howard's headcount has contracted to 68 FCA-registered employees in the UK as of October 2017, down from 74 at the start of the year, following the fund's reported $1.4 billion redemption loss in mid-2016 and subsequent senior-level departures including portfolio manager Karsten Filt and head of investments Rajesh Amin.
- • Cooper brings specialized expertise in European asset-backed securities and collateralized debt obligations (CDOs), having spent nine-plus years at Deutsche Bank before a one-year tenure at Brevan Howard, positioning Orchard for expansion in structured credit and direct lending strategies.
- • Brevan Howard has selectively hired senior talent including Andrea Casulli from Goldman Sachs' European government-bond trading desk in September 2017, indicating partial stabilization despite ongoing headcount reduction.
Summary
Shawn Cooper, a portfolio manager who spent approximately one year at Brevan Howard after joining from Deutsche Bank in May 2015, has re-emerged as a portfolio manager at Orchard Global Asset Management, a London-based credit-focused hedge fund. Cooper's career includes over nine years at Deutsche Bank, where he served as head of European asset-backed securities and collateralized debt obligation (CDO) trading before his brief tenure at Brevan Howard, which ended in mid-2016.
Cooper's move to Orchard reflects a broader talent acquisition strategy at the hedge fund, which has been systematically recruiting senior investment banking professionals throughout 2017. The firm has hired Viktor Sebek, a credit trader with nearly 12 years at UBS, who joined in January in a similar portfolio manager capacity. Additionally, Philip Sbrocchi (formerly Moelis & Co and Merced Capital) and Tom Jørgesen (director of structured sales at Deutsche Bank until July 2016) both joined as portfolio advisors in April. This hiring pattern underscores Orchard's focus on structured credit, direct lending, and opportunistic fixed income investments.
Brevan Howard, meanwhile, continues to experience headcount pressures in its UK operations. As of October 2017, the fund maintains 68 employees registered with the Financial Conduct Authority, down from 74 at the beginning of the year. This decline follows significant organizational stress in 2016, when the fund reportedly faced $1.4 billion in redemptions and witnessed departures of senior investment professionals. Recent 2017 exits include portfolio manager Karsten Filt, who joined Amia Capital in October, and Rajesh Amin, formerly Brevan Howard's head of investments and a Goldman Sachs trader, who departed in September.
Despite these headcount reductions, Brevan Howard has secured selective senior hires, notably Andrea Casulli, who joined from Goldman Sachs in September 2017 as a senior trader following his role as co-head of European government-bond trading. This hiring activity suggests the fund is attempting to stabilize its investment team while managing broader organizational restructuring.
Cooper's move to Orchard reflects a broader talent acquisition strategy at the hedge fund, which has been systematically recruiting senior investment banking professionals throughout 2017. The firm has hired Viktor Sebek, a credit trader with nearly 12 years at UBS, who joined in January in a similar portfolio manager capacity. Additionally, Philip Sbrocchi (formerly Moelis & Co and Merced Capital) and Tom Jørgesen (director of structured sales at Deutsche Bank until July 2016) both joined as portfolio advisors in April. This hiring pattern underscores Orchard's focus on structured credit, direct lending, and opportunistic fixed income investments.
Brevan Howard, meanwhile, continues to experience headcount pressures in its UK operations. As of October 2017, the fund maintains 68 employees registered with the Financial Conduct Authority, down from 74 at the beginning of the year. This decline follows significant organizational stress in 2016, when the fund reportedly faced $1.4 billion in redemptions and witnessed departures of senior investment professionals. Recent 2017 exits include portfolio manager Karsten Filt, who joined Amia Capital in October, and Rajesh Amin, formerly Brevan Howard's head of investments and a Goldman Sachs trader, who departed in September.
Despite these headcount reductions, Brevan Howard has secured selective senior hires, notably Andrea Casulli, who joined from Goldman Sachs in September 2017 as a senior trader following his role as co-head of European government-bond trading. This hiring activity suggests the fund is attempting to stabilize its investment team while managing broader organizational restructuring.
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