Adrian Hyde, managing director and co-head of credit derivatives trading at Chase Manhattan in New York, has left J.P. Morgan, under which most credit derivatives activity from Chase has been subsumed following the merger between the two firms. "I'm assessing my options now," he said, noting that he's looking to stay in credit derivatives but is open to working outside of the banking world, for example, at a hedge fund.
Chase began market making in credit derivatives last year. Since the merger, Hyde has been trading on the desk. He decided that although J.P. Morgan has a formidable franchise in credit derivatives, he prefers a startup environment, he said. His decision to leave was not the result of political infighting, he emphasized.
While at Chase, he reported to Frank Ronan, managing director, head of structured credit products.
Credit derivatives traders noted that Hyde has been in credit derivatives for over five years, which is a long time in the still nascent area. He cut his teeth at some of the biggest market makers on Wall Street, including J.P. Morgan and Deutsche Bank.
