Goldman Sachs has poached a senior trader from the $30 billion hedge fund Anchorage Capital to help spark growth in the investment bank’s high-yield trading business.
Drew Goldman, formerly a managing director at Anchorage, is joining the bank as a managing director in high-yield trading, according to people familiar with the matter.
Anchorage, Goldman Sachs, and Drew Goldman each declined to comment.
For Goldman, 37, the move brings his career full-circle: He started out as an analyst in investment-grade trading at Goldman Sachs in 2004 after graduating from Princeton University. He joined Morgan Stanley’s investment-grade trading operation in 2006, rising up to lead its US high-yield desk in 2013 and its global flow trading business until his departure in 2016 for Anchorage.
The hire is notable for Goldman Sachs, as the bank historically doesn’t bring in many outsiders at senior levels.
The bank’s once dominant fixed-income, currencies, and commodities trading operation has lost ground in recent years but is tied for third globally on the league tables with Bank of America, according to the industry-data consultant Coalition.
The group produced $3.3 billion in revenue in the first half of 2019 amid a tough trading environment, according to Bloomberg data, a 12% decline from the same period last year.