Senior staff at Cygnifi, a Web-based independent derivatives services company created and spun off by J.P. Morgan last year, are considering jumping ship following the company's decision to narrow its focus a few months ago by eliminating counterparty risk management and several other services, according to market officials. The move to change the focus was due to a slowdown in business, according to one official.
Asli Rustemli, head of counterparty risk exposure, left the firm three weeks ago. Rustemli, who spent six years in credit risk management at J.P. Morgan before joining Cygnifi, confirmed her departure but declined further comment. Repeated calls to Jay Helvey, chairman and ceo, Vlad Torgvnik, president and coo, and a company spokeswoman were not returned.
One market official said, "I know of at least six managers who are looking to leave." This accounts for almost all the company's executives. "[Managers] are saying the change in focus has slowed the amount of business Cygnifi gets. They're looking to get out," a headhunter added.
