Key Takeaways
- • David Slater, a senior portfolio manager in JPMorgan's London chief investment office (CIO), has departed the bank to join an unnamed hedge fund, with his identity as a top macro trader confirmed by multiple internal sources.
- • Slater brings 20+ years of macro trading experience across major institutions including Bank of America (where he was global head of inflation trading), UBS, Nomura, BNP Paribas, and Trium Capital before joining JPMorgan in 2019.
- • The departure underscores heightened demand for experienced macro traders in an environment of unclear macro outlook and elevated inflation volatility, where such expertise commands premium value in hedge fund recruitment.
- • JPMorgan's CIO office manages the bank's deposit investments and treasury operations, and previously faced severe reputational damage from the 2012 "London Whale" scandal that generated $6 billion in losses, leading to structural reorganization under current leadership.
- • Slater's specialist focus on international rates and foreign exchange positions him as a sought-after talent for hedge funds navigating volatile macro conditions in 2026.
Summary
David Slater, identified as a key portfolio manager within JPMorgan's London chief investment office, has left the bank to join a hedge fund in an undisclosed move confirmed by multiple insiders. Slater is understood to remain technically employed during a notice period. Neither Slater nor JPMorgan provided comment on the departure, though sources within the bank corroborated his exit.
Slater represents a significant loss of talent for JPMorgan's CIO office. Prior to joining JPMorgan in 2019, he spent two years at hedge fund Trium Capital and held the position of global head of inflation trading at Bank of America. His career also includes tenures at UBS, Nomura, and BNP Paribas, establishing him as one of London's most seasoned macro traders. While not widely recognized outside specialized trading circles, Slater holds considerable standing within the macro trading community, where his expertise in international rates and foreign exchange markets is highly valued.
The timing of Slater's departure aligns with a period of elevated demand for macro specialists. Current market conditions—characterized by uncertain macroeconomic outlooks and persistent inflation volatility—have created substantial recruitment pressure on experienced macro traders, making senior practitioners like Slater particularly attractive to hedge funds seeking edge in navigating complex global rate and currency environments.
JPMorgan's CIO office manages the bank's deposit investments and performs critical treasury and asset-liability matching functions. The office carries historical significance as the originating source of the 2012 "London Whale" trading scandal, which generated $6 billion in losses and prompted comprehensive structural reorganization combining the CIO with the treasury division. Charles Bristow, JPMorgan's former head of rates trading, is understood to currently oversee the CIO office and will be responsible for identifying Slater's replacement.
Slater represents a significant loss of talent for JPMorgan's CIO office. Prior to joining JPMorgan in 2019, he spent two years at hedge fund Trium Capital and held the position of global head of inflation trading at Bank of America. His career also includes tenures at UBS, Nomura, and BNP Paribas, establishing him as one of London's most seasoned macro traders. While not widely recognized outside specialized trading circles, Slater holds considerable standing within the macro trading community, where his expertise in international rates and foreign exchange markets is highly valued.
The timing of Slater's departure aligns with a period of elevated demand for macro specialists. Current market conditions—characterized by uncertain macroeconomic outlooks and persistent inflation volatility—have created substantial recruitment pressure on experienced macro traders, making senior practitioners like Slater particularly attractive to hedge funds seeking edge in navigating complex global rate and currency environments.
JPMorgan's CIO office manages the bank's deposit investments and performs critical treasury and asset-liability matching functions. The office carries historical significance as the originating source of the 2012 "London Whale" trading scandal, which generated $6 billion in losses and prompted comprehensive structural reorganization combining the CIO with the treasury division. Charles Bristow, JPMorgan's former head of rates trading, is understood to currently oversee the CIO office and will be responsible for identifying Slater's replacement.
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