Goldman Sachs has hired Adam Jones, asset swap trader at JPMorgan in London, to work as an executive director on its emerging market credit derivatives desk, according to Rebecca Nelson, spokeswoman at Goldman. Jones declined comment.
Jones is taking on a newly created position, which is as much part of the firm's strategy to build its credit derivatives business as its emerging markets one, said Nelson. He was an emerging market credit derivatives trader at JPMorgan before transferring to the firm's asset swap desk. An official at JPMorgan said Jones preferred to work on emerging market credit derivatives than on asset swaps, which was the reason behind his move to Goldman.
JPMorgan sees demand for complex asset swaps, including clean and perfect asset swaps, increasing and is therefore transferred two traders, Juan Reig Mascarell and David Cross, internally to replace Jones and bolster the desk, according to John Mahon, global head of asset swaps in London. Mascarell and Cross declined comment.
