Goldman Sachs Group Inc. credit traders Matthew Knopman and Philip Ha are leaving for hedge funds after the fifth-biggest U.S. bank by assets cut jobs and pay last year.
Knopman will start at Anchorage Capital Group LLC on May 1, according to three people familiar with the move, who declined to be identified because it hasn’t been announced. Ha will join MKP Capital Management LLC in New York, another person said.
Ha and Knopman are among at least four credit traders who have left the New York-based bank for hedge funds since November. Rob Jackson started at Cyrus Capital Partners LP in February, two people said. Tim Reilly left to join Blair Franklin Asset Management Inc., according to an e-mail from Peter A. Zaltz, managing director and chief investment officer at the Toronto firm.
Goldman Sachs cut compensation 21 percent last year as revenue slid 26 percent, led by a 34 percent drop in revenue from trading fixed-income, currencies and commodities, the company reported in January. About 50 Goldman Sachs partners, the most senior rank, left the company in the 12 months through January.
Bonuses for fixed-income traders across Wall Street were cut by an average of 35 percent to 45 percent, according to Alan Johnson, president and founder of compensation consulting company Johnson Associates Inc.
Knopman and Jackson declined to comment and Ha and Reilly couldn’t be reached. Jonathan Gasthalter, a spokesman for Anchorage, Konstantin Shishkin, a spokesman for MKP, and Tiffany Galvin, a spokeswoman for Goldman Sachs, said they couldn’t comment on the moves.