Key Takeaways
- • Hedge fund Jain Global has hired Ryan Nelson, former co-head of prime services at Credit Suisse, as head of separately managed account (SMA) investments in London, according to eFinancialCareers.
- • Jain Global is currently managing money exclusively for Millennium, per the publication's reporting.
- • Nelson was one of nine Credit Suisse employees terminated in August 2021 following substantial losses in the prime services unit linked to the Archegos collapse, which cost Credit Suisse more than $5bn.
- • In March 2024, a FINRA arbitration panel awarded Nelson just over $590k, well below the at least $7m in compensatory damages and at least $100m for reputational harm and lost future income he had sought.
- • Nelson has not been registered with the FCA since leaving Credit Suisse in 2021, and it is unclear whether his new role will require registration.
Summary
Jain Global, a hedge fund that currently manages money exclusively for Millennium, has hired Ryan Nelson as head of separately managed account (SMA) investments in London, according to eFinancialCareers. Jain Global did not comment on or elaborate on the scope of the SMA role, and Nelson did not respond to a request for comment.
Nelson previously served as co-head of prime services at Credit Suisse from 2019 to 2021, running the business alongside John Dabbs when the Archegos Capital collapse occurred in 2021. Credit Suisse was Archegos' largest counterparty and lost more than $5bn, a loss that contributed to the bank's eventual decline. An independent report commissioned by Credit Suisse found the prime services business had been mismanaged, and said neither co-head had actively managed the business or its risks, though it did not name individuals. Nelson and Dabbs were among nine employees terminated in 2021, and the bank imposed financial penalties totalling around $70m on staff, including cancelled deferred pay and clawbacks.
Nelson subsequently pursued FINRA arbitration against Credit Suisse, seeking at least $7m in compensatory damages and at least $100m for reputational harm and lost future income. In March 2024 a FINRA panel awarded him just over $590k. The panel also recommended that the regulator-recorded reason for his termination state he was one of nine employees terminated, not for cause, in August 2021, after a business unit in which they held executive positions sustained substantial financial losses.
Before joining Jain Global, Nelson's LinkedIn profile lists three and a half years as head of portfolio construction for EMEA at Boothbay Fund Management. He has not been registered with the FCA since 2021, and it remains unclear whether the new role will require registration.
Nelson previously served as co-head of prime services at Credit Suisse from 2019 to 2021, running the business alongside John Dabbs when the Archegos Capital collapse occurred in 2021. Credit Suisse was Archegos' largest counterparty and lost more than $5bn, a loss that contributed to the bank's eventual decline. An independent report commissioned by Credit Suisse found the prime services business had been mismanaged, and said neither co-head had actively managed the business or its risks, though it did not name individuals. Nelson and Dabbs were among nine employees terminated in 2021, and the bank imposed financial penalties totalling around $70m on staff, including cancelled deferred pay and clawbacks.
Nelson subsequently pursued FINRA arbitration against Credit Suisse, seeking at least $7m in compensatory damages and at least $100m for reputational harm and lost future income. In March 2024 a FINRA panel awarded him just over $590k. The panel also recommended that the regulator-recorded reason for his termination state he was one of nine employees terminated, not for cause, in August 2021, after a business unit in which they held executive positions sustained substantial financial losses.
Before joining Jain Global, Nelson's LinkedIn profile lists three and a half years as head of portfolio construction for EMEA at Boothbay Fund Management. He has not been registered with the FCA since 2021, and it remains unclear whether the new role will require registration.
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