Jonathan Knight and Rick Lyon, managing directors and co-heads of convertible arbitrage proprietary trading at Goldman Sachs in New York, have both left the firm. Ed Canaday, spokesman in New York, said Knight and Lyon left several weeks apart from each other, with their responsibilities being assumed by existing members of the team. Knight and Lyon could not be reached.
The departures come little more than a year after half of Goldman's convertible arbitrage staff, including Andrew Barnard, head of the U.S. trading operation, walked out. Barnard joined JD Capital Management, a convertible arbitrage hedge fund in Greenwich, Conn. Goldman has been trying to rebuild its team since the departures (DW, 3/30).
Knight is heading to Lehman Brothers in London, where he will head the firm's Asian and European convertibles business, which includes sales, trading and research, according to Jessica Shepherd-Smith, spokeswoman in London. Lyon is thought to be joining a hedge fund, according to an official familiar with his plans.