According to a report by Bloomberg, Polar Asset Management Partners has hired Steve McDonald, a former director in Bank of Nova Scotia (TSX:BNS)'s treasury group, according to sources who asked to remain anonymous due to the private nature of the matter. McDonald's (NYSE:MCD) appointment comes amid a recent wave of departures from Scotiabank .
McDonald will join Polar's portfolio risk group as a director and will focus on the risk management needs related to the development of the firm's global rates investment team. This move follows his recent resignation from the Toronto-based bank.
This hiring comes just weeks after Polar recruited Jean-Francois Leclerc from Bank of Montreal (TSX:BMO). At BMO, Leclerc had been responsible for structuring credit-risk transfer transactions.
McDonald's departure adds to a growing list of personnel leaving Scotiabank. Jacqueline Kope and Alex Lederman left the bank for RP Investment Advisors, while investment-grade bond trader Matt Evans was hired by Mitsubishi UFJ (NYSE:MUFG) Financial Group Inc. High-yield bond trader Lisa Chow joined Deutsche Bank AG (NYSE:DB) in New York, and William Kellett, a managing director on Scotiabank’s foreign exchange desk, also left the bank, sources said in July.
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