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Bobby Jain represents a potential rescue route for Credit Suisse traders facing uncertain futures following the bank's collapse into UBS's acquisition. After two decades at Credit Suisse—where he held positions as global head of asset management, co-head of global securities, and global head of proprietary trading across equities and fixed income—Jain spent eight years at Millennium Management as co-chief investment officer before announcing his departure to establish an independent hedge fund.

The 52-year-old's prospective multi-strategy fund, still in the planning stages, could substantially exceed the $8 billion AUM that ExodusPoint commanded at its 2019 launch, according to Bloomberg. While the fund remains unconfirmed and unnamed, Jain is scheduled to leave Millennium mid-2023 and is expected to begin recruiting and securing office space starting in July. The formal launch is unlikely until the second half of 2024, creating a window to attract talent from the troubled bank. With UBS integrating Credit Suisse operations and potential staff reductions underway, Jain's venture offers a credible alternative for experienced traders seeking employment outside the combined entity.

Credit Suisse's operational performance provides some rationale for optimism about its remaining talent. Despite reporting $68.6 billion in asset outflows and a $347 million investment banking loss in Q1 2023, the bank's fixed income trading division proved resilient relative to competitors. Fixed income trading revenues fell just 5% year-over-year, significantly outperforming Goldman Sachs's 17% decline and Morgan Stanley's 12% contraction during the same period. This relative strength suggests that at least a portion of Credit Suisse's trader base retains competitive capabilities and market relevance, making them attractive targets for Jain's fund-raising efforts.