Roman Shukhman, who traded credit derivatives at JPMorgan Chase & Co. through two debt booms and the 2008 financial crisis, is leaving the bank to join hedge fund Aesir Capital Management, according to two people with knowledge of the matter.
Shukhman, 36, joined JPMorgan in 2001 as the bank pioneered a credit-default swaps market that would expand to $62 trillion of outstanding contracts before the crisis. He traded indexes that allow hedge funds, banks and other investment firms to wager on the creditworthiness of North American companies.
He will be trading credit derivatives at Aesir, which manages more than $1 billion and was started by Mark Fishman in 2011.
Tasha Pelio, a spokeswoman for New York-based JPMorgan, declined to comment.
Shukhman will be joined at the hedge fund by Jeff Psaki, a former high-yield bond trader at Goldman Sachs Group Inc., the people said. Psaki, who had been with Lehman Brothers Holdings Inc. and Barclays Plc before joining Goldman Sachs in 2011, left the New York-based bank last month.
Psaki didn’t immediately return a message left on his mobile telephone.
Fishman founded Sailfish Capital Partners after leaving SAC Capital Advisors in 2005. He was then part of the fixed-income group at Diamondback Capital Management before going on to start operations at Greenwich, Connecticut-based Aesir.
The use of indexes to trade credit-default swaps has expanded even as the market for contracts linked to individual companies and governments has declined. There are more than $1 trillion of outstanding wagers on swaps indexes globally, compared with $679 billion on individual borrowers, according to data from the Depository Trust & Clearing Corp.