Key Takeaways
- • Jeffrey Ryan, an early quantitative finance employee at Citadel, has joined Bastion Asset Management as head of research ahead of the London-based crypto hedge fund's planned launch later in 2022.
- • Bastion's leadership team includes co-CEOs Xander Savenberg (former Citadel quant) and Philip Scott (ex-COO at Rokos Capital Management and Deutsche Bank), positioning the fund with substantial traditional finance expertise.
- • The fund explicitly positions itself as bringing "traditional trading style to the crypto currency market" and will not operate a venture capital arm, distinguishing it from many competing crypto funds.
- • Ryan left Citadel in 2019 and spent the interim period running an independent quant firm charging clients $3,000 per day for quantitative services before rejoining institutional finance through Bastion.
- • Bastion currently employs five people and plans additional hiring before launch, with Ryan serving as the fund's sole U.S.-based employee at present.
Summary
Jeffrey Ryan has resurfaced in institutional finance after a three-year absence from Citadel, joining Bastion Asset Management as head of research. Ryan, identified as one of the earliest members of Citadel's quantitative finance team, departed the Chicago-based powerhouse in 2019 and subsequently operated an independent quant consulting firm charging clients $3,000 per day for specialized services. His appointment to Bastion marks a significant re-entry into hedge fund management within the cryptocurrency sector.
Bastion Asset Management, a London-based crypto hedge fund scheduled to launch in the latter half of 2022, has assembled a leadership team with deep roots in traditional quantitative finance and established institutions. Co-CEOs Xander Savenberg and Philip Scott bring complementary expertise: Savenberg, like Ryan, previously worked as a quant at Citadel, while Scott served as chief operating officer at Rokos Capital Management and held the position of global COO of debt sales at Deutsche Bank. This concentration of talent from elite trading and risk management backgrounds distinguishes Bastion from typical cryptocurrency hedge funds.
The fund's operational model reflects a deliberate positioning strategy. Rather than pursuing the venture capital and token investment strategies adopted by many crypto funds, Bastion intends to apply traditional hedge fund trading methodologies to cryptocurrency markets. As Scott explained, "We are effectively bringing a traditional trading style to the crypto currency market." This approach suggests an emphasis on quantitative trading, risk management, and systematic strategies rather than speculative venture positioning.
At present, Bastion operates with a lean core team of five employees: Ryan, Scott, Savenberg, and Alex Loreau, a former risk manager at Eisler Capital. Scott has indicated plans for additional hiring before the fund's anticipated launch, with Ryan currently representing the organization's only U.S.-based employee. This staffing expansion suggests the fund is targeting a multi-jurisdictional operational footprint from inception.
Bastion Asset Management, a London-based crypto hedge fund scheduled to launch in the latter half of 2022, has assembled a leadership team with deep roots in traditional quantitative finance and established institutions. Co-CEOs Xander Savenberg and Philip Scott bring complementary expertise: Savenberg, like Ryan, previously worked as a quant at Citadel, while Scott served as chief operating officer at Rokos Capital Management and held the position of global COO of debt sales at Deutsche Bank. This concentration of talent from elite trading and risk management backgrounds distinguishes Bastion from typical cryptocurrency hedge funds.
The fund's operational model reflects a deliberate positioning strategy. Rather than pursuing the venture capital and token investment strategies adopted by many crypto funds, Bastion intends to apply traditional hedge fund trading methodologies to cryptocurrency markets. As Scott explained, "We are effectively bringing a traditional trading style to the crypto currency market." This approach suggests an emphasis on quantitative trading, risk management, and systematic strategies rather than speculative venture positioning.
At present, Bastion operates with a lean core team of five employees: Ryan, Scott, Savenberg, and Alex Loreau, a former risk manager at Eisler Capital. Scott has indicated plans for additional hiring before the fund's anticipated launch, with Ryan currently representing the organization's only U.S.-based employee. This staffing expansion suggests the fund is targeting a multi-jurisdictional operational footprint from inception.
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