Key Takeaways
- • Joseph Mauro departed Goldman Sachs after 13 years as head of fixed income, currencies, and commodities (FICC) European hedge fund sales and co-head of European macro rates sales, with his exit announced via internal memo by securities heads Isabelle Ealet, Pablo Salame, and Ashok Varadhan on June 28, 2016.
- • Mauro is joining a New York-based macro hedge fund, potentially founded by Ben Melkman, the trader who recently departed Brevan Howard; he maintains close relationships with other prominent traders including Bradley Wickens (launching an emerging markets hedge fund in October) and Greg Coffey (ex-Moore Capital).
- • Mauro's departure follows a pattern of senior FICC sales exits at Goldman Sachs, including Dalinç Ariburnu's April 2016 retirement as former head of fixed income and currency sales in Europe, signaling elevated attrition in the division.
- • Post-Brexit headhunters predict accelerated early retirements of costly senior staff across banking sector in September and October 2016 as cost-reduction measures, with wholesale headcount cuts anticipated bank-wide.
- • Mauro gained internal visibility for a March 2016 memo to Goldman junior staff encouraging career progression ("keep running"), reflecting his influence on firm culture before departure.
Summary
Joseph Mauro, a 13-year veteran of Goldman Sachs, has exited the firm to join a New York-based macro hedge fund. Goldman's securities heads announced Mauro's departure on June 28, 2016, through an internal memo, though colleagues indicate his move represents a strategic pivot to hedge fund management rather than genuine retirement. Mauro held senior roles including head of FICC European hedge fund sales and co-head of European macro rates sales, positioning him as a key figure in the bank's institutional sales architecture.
The specific hedge fund destination remains unconfirmed but market sources suggest Ben Melkman's recently launched fund, following Melkman's departure from Brevan Howard in May 2016. Mauro maintains professional proximity to other traders establishing new platforms, including Bradley Wickens, formerly of Spinnaker Capital and launching an emerging markets hedge fund in October 2016, and Greg Coffey, the ex-Moore Capital trader who departed the industry in 2012 and is reportedly planning a comeback.
Mauro's exit is part of broader attrition at Goldman Sachs' FICC division. His departure follows Dalinç Ariburnu's April 2016 retirement as former head of fixed income and currency sales in Europe. Industry headhunters predict the post-Brexit environment will accelerate early retirements of senior, higher-cost personnel across the banking sector, with wholesale headcount reductions expected in September and October 2016 as firms implement cost reduction strategies.
Mauro gained internal profile in March 2016 for a memo to Goldman junior staff emphasizing career momentum, messaging that carried particular resonance given subsequent market volatility and cost pressures. His transition exemplifies the ongoing talent migration from traditional banking to alternative asset management platforms, particularly among macro-oriented senior professionals.
The specific hedge fund destination remains unconfirmed but market sources suggest Ben Melkman's recently launched fund, following Melkman's departure from Brevan Howard in May 2016. Mauro maintains professional proximity to other traders establishing new platforms, including Bradley Wickens, formerly of Spinnaker Capital and launching an emerging markets hedge fund in October 2016, and Greg Coffey, the ex-Moore Capital trader who departed the industry in 2012 and is reportedly planning a comeback.
Mauro's exit is part of broader attrition at Goldman Sachs' FICC division. His departure follows Dalinç Ariburnu's April 2016 retirement as former head of fixed income and currency sales in Europe. Industry headhunters predict the post-Brexit environment will accelerate early retirements of senior, higher-cost personnel across the banking sector, with wholesale headcount reductions expected in September and October 2016 as firms implement cost reduction strategies.
Mauro gained internal profile in March 2016 for a memo to Goldman junior staff emphasizing career momentum, messaging that carried particular resonance given subsequent market volatility and cost pressures. His transition exemplifies the ongoing talent migration from traditional banking to alternative asset management platforms, particularly among macro-oriented senior professionals.
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