Key Takeaways
- • JPMorgan lost two macro managing directors to Schonfeld Strategic Advisors within weeks, including Youngmin Cho, who had been at the bank for only 10 months after joining from Morgan Stanley in July 2025.
- • Cho, JPMorgan's head of Singapore non-deliverable forward (NDF) trading, departed this week as Schonfeld aggressively builds its macro team in Singapore, indicating sustained hedge fund recruitment momentum in the region.
- • Mintaek Kim, a JPMorgan macro MD in Hong Kong with 17 years tenure (MD since 2019), is joining Schonfeld as co-head of discretionary macro and fixed income trading alongside Yau Ng, the well-known macro PM who left Point72 in June 2025.
- • Macro talent poaching from banks to hedge funds in Singapore has accelerated this year, with reports of 50% buyback offers and Morgan Stanley losing at least 16 people across similar roles.
- • The exits signal structural weakness in bank macro trading profitability relative to hedge fund compensation, particularly among recently hired talent with limited institutional lock-in.
Summary
JPMorgan has lost two macro managing directors to hedge fund Schonfeld Strategic Advisors within the past month, highlighting intensifying talent competition in Asia's macro trading market. Youngmin Cho, formerly a Morgan Stanley emerging markets FX trader hired by JPMorgan in July 2025, departed this week after less than 11 months at the bank. Cho served as JPMorgan's head of Singapore non-deliverable forward (NDF) trading—a strategically important role in Asian currency markets—before Schonfeld recruited him.
The second departure, Mintaek Kim, represents a more significant loss. Kim held the title of managing director in macro trading at JPMorgan's Hong Kong office and had accumulated 17 years of tenure at the bank, achieving MD status in 2019. Kim is joining Schonfeld as co-head of discretionary macro and fixed income (DMFI) trading in Asia, partnering with Yau Ng, a prominent macro portfolio manager who departed Point72 in June 2025. This pairing suggests Schonfeld is making a structural commitment to expand macro capabilities in the region and may recruit additional talent to build out the team.
The dual exits underscore a broader staffing crisis at major banks' Asia trading desks. Morgan Stanley has lost at least 16 people from similar roles, and the market is reportedly offering 50% buyback packages to poach senior talent. JPMorgan declined to comment on either departure. The concentration of exits among recently hired professionals—particularly Cho's 10-month tenure—suggests that short-tenure recruits lack sufficient golden handcuffs to resist hedge fund overtures, and that compensation structures at banks may lag competitive offers from well-capitalized hedge funds aggressively building Asia franchises.
The second departure, Mintaek Kim, represents a more significant loss. Kim held the title of managing director in macro trading at JPMorgan's Hong Kong office and had accumulated 17 years of tenure at the bank, achieving MD status in 2019. Kim is joining Schonfeld as co-head of discretionary macro and fixed income (DMFI) trading in Asia, partnering with Yau Ng, a prominent macro portfolio manager who departed Point72 in June 2025. This pairing suggests Schonfeld is making a structural commitment to expand macro capabilities in the region and may recruit additional talent to build out the team.
The dual exits underscore a broader staffing crisis at major banks' Asia trading desks. Morgan Stanley has lost at least 16 people from similar roles, and the market is reportedly offering 50% buyback packages to poach senior talent. JPMorgan declined to comment on either departure. The concentration of exits among recently hired professionals—particularly Cho's 10-month tenure—suggests that short-tenure recruits lack sufficient golden handcuffs to resist hedge fund overtures, and that compensation structures at banks may lag competitive offers from well-capitalized hedge funds aggressively building Asia franchises.
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