Michael Pringle will leave as global head of equities trading at Citigroup Inc. (C) to join Moore Capital Management LP, the $15 billion hedge-fund firm run by Louis Moore Bacon.
The move was confirmed by Citigroup spokesman Jeffrey French and Sharron Silvers, a spokeswoman for Moore at Burson-Marsteller. Pringle became head of equities for Europe, the Middle East and Africa at Citigroup in 2009 and was promoted to lead global-equities trading in 2011. He reported to Derek Bandeen, global head of equities, also based in London. Pringle didn’t return an e-mail and phone call seeking comment.
As part of a shake-up of the equities-trading division in 2012, Pringle retained his title yet focused on Delta One trading. The bank promoted Daniel Keegan to lead cash equities globally and appointed Simon Yates as global head of equity derivatives, based in New York. Citigroup named Kevin Russell to oversee global cash trading the next year. Adrian Faure, who was global head of equity sales, left this year.
With Pringle and Bandeen, Citigroup aimed to boost higher-margin equity solutions amid a decline in commissions and share-trading volume. Pringle said this year that customized trades may generate half the equity-derivatives revenue within two years.
Citigroup ranks 10th by stock-trading revenue and generates almost two-fifths of its $3 billion in annual sales from derivatives. Revenue from stock trading gained 22 percent last year, the New York-based bank reported in January. Sales were unchanged in 2012 and fell 35 percent in 2011.
Citigroup shares climbed 0.5 percent to $47.35 at 10:55 a.m. in New York today.
Moore Capital is a macro hedge fund seeking to profit from economic trends by trading everything from currencies to commodities. Pringle will be joining Matthew Carpenter, who was head of a Citigroup unit that traded U.S. stocks using the bank’s own money until 2010.
To contact the editors responsible for this story: Cecile Vannucci at email@example.com Srinivasan Sivabalan