Ex-Citigroup Trader Cecere Leaves Element Capital

Christopher Cecere left New York-based hedge-fund firm Element Capital Management LLC, according to a person with knowledge of the situation.

His departure comes a year after he resigned from the Geneva office of Brevan Howard Capital Management LP for personal reasons, a spokesman for Europe’s largest closely held hedge-fund firm said then.

Cecere’s contact information wasn’t available in online searches or in the New York telephone directory. A receptionist at Element said he’d left the company and declined to provide contact information. Dov Eisner, Element’s chief financial officer, didn’t respond to calls or e-mail seeking comment.

Before joining Brevan Howard, Cecere was head of Group of 10 trading and sales for Asia at Citigroup Inc. He left the bank in 2010. That year, Japan’s Financial Services Agency said a Citigroup director in Japan asked another to alter data in relation to the setting of the Japanese lending rate according to documents in the administrative case. In 2011, the FSA ordered Citigroup’s local unit to suspend some derivatives transactions and banned it from trading tied to the Tokyo or London interbank offered rates for two weeks, while taking no action against individuals.

Cecere was one of the unnamed directors cited in the Japanese regulator’s report, according to two people with knowledge of the investigation. He wasn’t accused of wrongdoing. In a February 2012 interview with Bloomberg, he denied acting improperly and said he hadn’t been questioned by the regulator about the matter.

A number of bankers are leaving for hedge funds as growing regulatory scrutiny of the market roils the industry. Fortress Investment Group LLC recently hired two foreign-exchange specialists. Citigroup’s Jeffrey Feig will join in the second half of this year and former Deutsche Bank AG currency trader Christopher Fahy has already joined the New York-based firm.

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