Key Takeaways
- • Sahil Aggarwal, a Morgan Stanley managing director in rates trading promoted to MD in January 2026, has departed the Singapore office after approximately 10 months, reportedly joining a hedge fund.
- • Aggarwal's exit follows a broader talent drain from Morgan Stanley's Singapore macro trading team, with sources describing the departures as "unprecedented" in scale.
- • Singapore's macro trading talent market is experiencing acute demand, with headhunters reporting hiring is proceeding "full throttle," lean team structures, and competitive bidding wars for departing talent.
- • Aggarwal's career trajectory spans three major institutions: Goldman Sachs, Citi, and Morgan Stanley (joined 2020), positioning him as a senior rates trading specialist in Asia.
- • Active hedge fund recruiters in Singapore's macro space include Balyasny, Dymon Capital Asia, and Jain Global, signaling sustained institutional interest in Asia-based trading talent.
Summary
Sahil Aggarwal, a recently promoted managing director in rates trading at Morgan Stanley's Singapore office, has reportedly left the bank for a hedge fund position after a brief tenure of approximately 10 months. Aggarwal received his MD promotion in January 2026 and was considered one of Morgan Stanley's top rates traders in Asia, making his departure unexpected given the timing of his elevation.
The exit represents part of a broader exodus from Morgan Stanley's Singapore macro trading team. According to sources familiar with the situation, the departures have been substantial enough to be described as "unprecedented" by market observers. The bank has not publicly commented on the departures, and Aggarwal did not respond to requests for comment.
Singapore's macro trading market is experiencing significant competitive pressure for talent. Recent feedback from Singapore-based headhunters indicates that hiring activity is at elevated levels, with team structures described as lean across institutions. Departing traders command strong bidding from hedge funds, with sources reporting that banks are actively attempting to retain or re-recruit talent when resignations occur. Active recruiters in the Singapore macro space include Balyasny, Dymon Capital Asia, and Jain Global.
Aggarwal's professional background reflects significant exposure to capital markets trading, with prior roles at Goldman Sachs and Citi before joining Morgan Stanley in 2020. His specialization in rates trading—particularly in the Asia region—makes him a target for hedge funds expanding macro capabilities in the region.
The recurring departures from Morgan Stanley's Singapore macro team suggest broader structural challenges in retaining senior trading talent in a competitive regional market, particularly when hedge fund compensation and career trajectory opportunities prove more attractive than traditional banking advancement.
The exit represents part of a broader exodus from Morgan Stanley's Singapore macro trading team. According to sources familiar with the situation, the departures have been substantial enough to be described as "unprecedented" by market observers. The bank has not publicly commented on the departures, and Aggarwal did not respond to requests for comment.
Singapore's macro trading market is experiencing significant competitive pressure for talent. Recent feedback from Singapore-based headhunters indicates that hiring activity is at elevated levels, with team structures described as lean across institutions. Departing traders command strong bidding from hedge funds, with sources reporting that banks are actively attempting to retain or re-recruit talent when resignations occur. Active recruiters in the Singapore macro space include Balyasny, Dymon Capital Asia, and Jain Global.
Aggarwal's professional background reflects significant exposure to capital markets trading, with prior roles at Goldman Sachs and Citi before joining Morgan Stanley in 2020. His specialization in rates trading—particularly in the Asia region—makes him a target for hedge funds expanding macro capabilities in the region.
The recurring departures from Morgan Stanley's Singapore macro team suggest broader structural challenges in retaining senior trading talent in a competitive regional market, particularly when hedge fund compensation and career trajectory opportunities prove more attractive than traditional banking advancement.
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