Key Takeaways
- • Jonathan Raiff, Nomura's former deputy head of global markets in the U.S., has joined Verition Fund Management as head of fixed income, overseeing relative-value, rates, currencies, and structured products strategies.
- • Raiff departed Nomura in April 2021 following the firm's nearly $3 billion loss exposure to Archegos Capital Management, marking a significant casualty from the hedge fund's catastrophic margin call collapse.
- • Verition, a $4.8 billion Greenwich, Connecticut-based hedge fund, is expanding its fixed income capabilities by bringing in a senior trading executive with substantial institutional markets experience.
- • The hire represents a notable senior-level placement in the alternative investment space for an executive directly affected by one of 2021's largest hedge fund implosions, which also dealt severe losses to Credit Suisse and other major financial institutions.
Summary
Jonathan Raiff has taken a senior position at Verition Fund Management as head of fixed income strategies, according to statements from the hedge fund's co-founder Josh Goldstein. Raiff was previously Nomura Holdings' deputy head of global markets for the U.S. until stepping down in April 2021, a departure directly tied to the firm's substantial losses from exposure to Archegos Capital Management.
Archegos Capital's collapse in March 2021 triggered a cascading series of losses across major financial institutions. Nomura recorded nearly $3 billion in losses from its Archegos exposure, making it one of the hardest-hit banks alongside Credit Suisse, which also sustained significant damage. The implosion was driven by founder Bill Hwang's failure to meet margin calls, triggering a $20 billion fire sale of positions held across multiple banks.
At Verition, a $4.8 billion hedge fund based in Greenwich, Connecticut, Raiff will oversee a broad range of fixed income strategies including relative-value trades, rates, currencies, and structured products. The appointment, detailed in an investor letter, signals the firm's intention to expand and strengthen its fixed income trading capabilities under experienced leadership.
The hiring underscores how senior financial professionals displaced by high-profile institutional failures have remained sought-after talent in the alternative investment sector, provided their roles were seen as peripheral to central decision-making during the crisis. For Verition, the hire brings substantial expertise in derivatives, rates, and multi-asset trading—competencies built over years in one of Wall Street's most complex trading environments.
Archegos Capital's collapse in March 2021 triggered a cascading series of losses across major financial institutions. Nomura recorded nearly $3 billion in losses from its Archegos exposure, making it one of the hardest-hit banks alongside Credit Suisse, which also sustained significant damage. The implosion was driven by founder Bill Hwang's failure to meet margin calls, triggering a $20 billion fire sale of positions held across multiple banks.
At Verition, a $4.8 billion hedge fund based in Greenwich, Connecticut, Raiff will oversee a broad range of fixed income strategies including relative-value trades, rates, currencies, and structured products. The appointment, detailed in an investor letter, signals the firm's intention to expand and strengthen its fixed income trading capabilities under experienced leadership.
The hiring underscores how senior financial professionals displaced by high-profile institutional failures have remained sought-after talent in the alternative investment sector, provided their roles were seen as peripheral to central decision-making during the crisis. For Verition, the hire brings substantial expertise in derivatives, rates, and multi-asset trading—competencies built over years in one of Wall Street's most complex trading environments.
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