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<ul class="summary-list"><li><keyword id="62375" type="ORGANIZATION" weightage="60" keywordseo="Hedge-fund">Hedge fund</keyword> <keyword id="11792094" type="UNKNOWN" weightage="60" keywordseo="alphadyne">Alphadyne</keyword> reportedly lost $1.5 billion in a <keyword id="6368265" type="UNKNOWN" weightage="60" keywordseo="bond-market">bond market</keyword> short-squeeze, Bloomberg repported.</li><li>The hedge fund slipped 4.3% in June and another 2.5% in July, according to the report. </li><li>Its flagship fund, the Alphadyne International Fund, also lost around 10%.</li></ul>Alphadyne Asset Management, a New York-based hedge fund, reportedly lost $1.5 billion in a bond market short-squeeze as bets on <keyword id="109791" type="PERSON" weightage="60" keywordseo="Rising-rates">rising rates</keyword> turned sour, <a href="https://www.bloomberg.com/news/articles/2021-08-03/hedge-fund-alphadyne-loses-1-5-billion-in-rates-short-squeeze">Bloomberg reported</a>. The losses, which are some of the biggest publicly revealed among macro-focused hedge funds, are indicative of the unusual economic environment that has characterized 2021 - with <keyword id="22195" type="COMPANY" weightage="60" keywordseo="Inflation">inflation</keyword> readings at their highest in a decade and benchmark interest rates near zero - and how managers have struggled with such historical anomalies. Bloomberg points to the flattening of the five- to 30-year yield curves in just three days in June, which caught many by surprise, including Alphadyne. The hedge fund slipped 4.3% to its worst month in history in June when its managers positioned for a steeper US yield curve and higher interest rates broadly, according to the report. By July, the hedge fund - whose investors include pensions, insurance companies, and sovereign wealth funds - lost another 2.5%, <a href="https://www.bloomberg.com/news/articles/2021-08-03/hedge-fund-alphadyne-loses-1-5-billion-in-rates-short-squeeze">Bloomberg</a> reported.Hedge funds have mostly scaled back betting against Treasury futures as rates continue to hover near historic lows despite rising inflation.

A hedge fund reportedly lost $1.5 billion in a bond market short-squeeze as bets on rising rates turned sour

<ul class="summary-list"><li>Alphadyne Asset Management hired JPMorgan's Thomas Byuen as a commodity index portfolio manager.</li><li>Hedge funds like Balyasny and Jain Global have poached big bank commodity traders in recent years.</li></ul>Hedge funds' push into commodities continues unabated, even amid a down year for the strategy.Alphadyne Asset Management is the latest fund to scoop up a commodity index portfolio manager from the sell side, hiring JPMorgan's Thomas Byuen, according to a person familiar with the matter, who wasn't authorized to speak publicly.Byuen, global head of commodity index trading, joined the bank in 2012 out of college, according to his LinkedIn profile and industry records.A JPMorgan spokesperson declined to comment. Alphadyne, a macro fund with $8.8 billion in assets at the start of the year, did not respond to requests for comment.Hedge funds have raided big banks for commodities trading talent in recent years as the strategy's popularity has grown, thanks in part to <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-05-20/izzy-englander-s-hedge-fund-millennium-wants-to-rival-citadel-in-commodities?embedded-checkout=true">the billions in profits reaped</a> by industry giant Citadel. The strategy is down more than 4% this year, according to the hedge fund commodities index from industry research firm PivotalPath, but it has gained 13.9% annualized over the past five years — the top-performing strategy in PivotalPath's database.Many funds refrain from trading physical commodities, a heavy lift requiring expensive infrastructure. Instead, they typically dip their toes in by trading more liquid and less risky strategies, like futures and, increasingly, indexes that encompass an array of products. <h4 id="d29844f1-ef3b-4aab-95c8-4b223b10289e">Hedge funds hiring big bank commodity index traders</h4><ul><li>Thomas Byuen hired by Alphadyne from JPMorgan (2024)</li><li>Max Lee hired by Jain Global from BofA (2024)</li><li>Mike Severo hired by LMR from Goldman Sachs (2024)</li><li>Will Scott hired by Verition Fund Management from Morgan Stanley (2022)</li><li>Dan Deighton hired by Balyasny from Goldman Sachs (2022)</li></ul> Balyasny Asset Management hired Goldman Sachs commodity index head Dan Deighton in 2022 to lead its push into the sector. LMR Partners earlier this year hired Mike Severo, Deighton's successor at the bank.More recently, <a target="_blank" class="" href="https://www.businessinsider.com/who-bobby-jain-has-hired-jain-capital-hedge-fund-launch-2023-12">Jain Global</a>, the most hyped new hedge fund launch in years, hired BofA's Max Lee, head of commodity and FX systematic strategy trading. Commodities is a top strategy at the fund, which brought in <a target="_blank" class="" href="https://www.businessinsider.com/who-bobby-jain-has-hired-jain-capital-hedge-fund-launch-2023-12">ex-Macquarie exec David Hochberg</a> to lead the unit.

This $9 billion hedge fund just joined the raid on big bank commodity index traders with a senior JPMorgan hire

Welcome to <keyword id="11420569" type="UNKNOWN" weightage="60" keywordseo="insider-finance">Insider Finance</keyword>. If this was forwarded to you, <a href="http://newsletter.businessinsider.com/join/4np/insider-finance">sign up here</a>. Plus, download Insider's app for news on the go - <a href="https://apps.apple.com/app/apple-store/id554260576?pt=385758&amp;ct=06292021_newsletters&amp;mt=8amp;mt=8">click here for iOS</a> and <a href="https://play.google.com/store/apps/details?id=com.freerange360.mpp.businessinsider&amp;r[%E2%80%A6]ers%26utm_medium%3Demail%26utm_term%3D06292021%26anid%3Dadmobdmob">here for Android</a>.On the agenda today:<ul><li>Meet the 12 people powering <a href="https://www.businessinsider.com/top-clo-managers-investors-bankers-lawyers-traders-careers-structure-credit-2021-8">the next big CLO boom. </a></li><li>Square's $29 billion Afterpay deal <a href="https://www.businessinsider.com/square-afterpay-paypal-buy-now-pay-later-competition-payments-fintech-2021-8">poses a new threat to PayPal.</a></li><li>Point72 just poached <a href="https://www.businessinsider.com/point72-hires-jpmorgan-leon-hagouel-portfolio-manager-hedge-fund-2021-8">a star credit trader from JPMorgan.</a></li></ul>Let's get started. <a href="https://www.businessinsider.com/goldman-sachs-feldgoise-sorrell-merger-outlook-deals-volumes-buyouts-spac-2021-8">This year's M&amp;A frenzy isn't ending anytime soon, experts say</a><a href="https://www.businessinsider.com/goldman-sachs-feldgoise-sorrell-merger-outlook-deals-volumes-buyouts-spac-2021-8"></a>The co-heads of Goldman Sachs' powerhouse M&amp;A business said the huge surge in dealmaking isn't going to slow down in the near future. <a href="https://www.businessinsider.com/goldman-sachs-feldgoise-sorrell-merger-outlook-deals-volumes-buyouts-spac-2021-8">They gave us four big factors that will keep the dealmaking party going.</a><a href="https://www.businessinsider.com/square-afterpay-paypal-buy-now-pay-later-competition-payments-fintech-2021-8">Square is on a collision course with PayPal </a><a href="https://www.businessinsider.com/square-afterpay-paypal-buy-now-pay-later-competition-payments-fintech-2021-8"><div type="image" title="Twitter CEO Jack Dorsey.JPG" height="2086" width="2782" msid="85066728" hostid="261"></div></a>Square's $29 billion bid for Afterpay poses a new threat to PayPal, which launched its own buy now, pay later offering less than a year ago. Now, the two payment giants are duking it out for both merchants and consumers. <a href="https://www.businessinsider.com/square-afterpay-paypal-buy-now-pay-later-competition-payments-fintech-2021-8">More on the fight to be the go-to finance super app.</a><a href="https://www.businessinsider.com/gabe-plotkin-melvin-capital-july-perfomance-still-down-reddit-2021-8">Melvin Capital gained ground in July, but is still in a big hole</a><a href="https://www.businessinsider.com/gabe-plotkin-melvin-capital-july-perfomance-still-down-reddit-2021-8"><div type="image" title="Gabe Plotkin" height="1334" width="1778" msid="85066730" hostid="261"></div></a>Thanks to Reddit traders' January short squeeze, Gabe Plotkin's $11 billion fund is still down 43.2% for the year. <a href="https://www.businessinsider.com/gabe-plotkin-melvin-capital-july-perfomance-still-down-reddit-2021-8">Here's what you need to know.</a><a href="https://www.businessinsider.com/point72-hires-jpmorgan-leon-hagouel-portfolio-manager-hedge-fund-2021-8">Point72 has poached a star credit trader from JPMorgan</a><a href="https://www.businessinsider.com/point72-hires-jpmorgan-leon-hagouel-portfolio-manager-hedge-fund-2021-8"><div type="image" title="steve cohen hedge funds 4x3" height="1249" width="1666" msid="85066732" hostid="261"></div></a>Leon Hagouel is joining the hedge fund after 15 years at JPMorgan, where he specialized in trading credit-default swaps, junk bonds, and distressed debt. Hagouel is set to start at Point72 in October as a macro portfolio manager. <a href="https://www.businessinsider.com/point72-hires-jpmorgan-leon-hagouel-portfolio-manager-hedge-fund-2021-8">Here's what we know about the hire. </a><a href="https://www.businessinsider.com/clo-primer-issuance-outlook-trends-covid-structure-top-managers-risk-2021-7">Inside a $360 billion second act for one of Wall Street's most controversial investments</a><a href="https://www.businessinsider.com/clo-primer-issuance-outlook-trends-covid-structure-top-managers-risk-2021-7"><div type="image" title="movie theater empty" height="1365" width="1820" msid="85066734" hostid="261"></div></a>Critics have bemoaned collateralized loan obligations, or CLOs, as absorbing too much risky corporate debt. But the asset class defied skeptics, surviving the pandemic and soaring to record levels in 2021. We spoke with a dozen experts throughout the asset class, <a href="https://www.businessinsider.com/clo-primer-issuance-outlook-trends-covid-structure-top-managers-risk-2021-7">who gave us an inside look at what's next.</a><a href="https://www.businessinsider.com/top-clo-managers-investors-bankers-lawyers-traders-careers-structure-credit-2021-8">Speaking of CLOs … meet the people engineering the asset class's next big boom</a><a href="https://www.businessinsider.com/top-clo-managers-investors-bankers-lawyers-traders-careers-structure-credit-2021-8"><div type="image" title="From left: Lauren Basmadjian of Carlyle Group, Lauren Law of Octagon Credit, Eugene Ferrer of Paul Hastings, Rob Zable of Blackstone, and Rachel Russell of Morgan Stanley against a blue background." height="1500" width="2000" msid="85066736" hostid="261"></div></a>Dealmakers, traders, and investors told us how they made a career in CLOs, explaining how they win investors over to a space with a fair share of critics. <a href="https://www.businessinsider.com/top-clo-managers-investors-bankers-lawyers-traders-careers-structure-credit-2021-8">Meet them here.</a><a href="https://www.businessinsider.com/altruist-hires-betterment-investing-head-jpmorgan-cfo-rias-schwab-fidelity-2021-8">A wealth-tech startup just hired two new execs from Betterment and JP Morgan.</a><a href="https://www.businessinsider.com/altruist-hires-betterment-investing-head-jpmorgan-cfo-rias-schwab-fidelity-2021-8"><div type="image" title="Jason Wenk, Altruist" height="3518" width="4690" msid="85066737" hostid="261"></div></a>In preparation to go head-to-head with custodians like Schwab and Fidelity, Altruist just hired a new CFO and head of investing. <a href="https://www.businessinsider.com/altruist-hires-betterment-investing-head-jpmorgan-cfo-rias-schwab-fidelity-2021-8">Here's what we know about the new hires.</a> <a href="https://www.businessinsider.com/credit-suisse-hires-chris-whopper-johnson-program-trading-sales-wells-2021-8">Credit Suisse just hired a program trading sales exec known as "the Whopper"</a><a href="https://www.businessinsider.com/credit-suisse-hires-chris-whopper-johnson-program-trading-sales-wells-2021-8"><div type="image" title="Credit Suisse New York" height="2897" width="3863" msid="85066740" hostid="261"></div></a>Chris "Whopper" Johnson is joining from Wells Fargo, where he spent the past decade. He'll start as head of program trading sales, filling a void for Credit Suisse, which has seen an exodus in the Archegos aftermath. <a href="https://www.businessinsider.com/credit-suisse-hires-chris-whopper-johnson-program-trading-sales-wells-2021-8">Everything we know so far (and why they call him "the Whopper").</a><a href="https://www.businessinsider.com/wells-fargo-ruth-jacks-commercial-bank-data-strategy-2021-8">Wells Fargo's new tech exec is overhauling the commercial bank's data strategy</a><a href="https://www.businessinsider.com/wells-fargo-ruth-jacks-commercial-bank-data-strategy-2021-8"><div type="image" title="Wells Fargo's Ruth Jacks poses in her head shot wearing a blue pinstripe dress shirt." height="396" width="528" msid="85066743" hostid="261"></div></a>Ruth Jacks is tasked with overhauling the way the bank interacts with data - from procurement to storage, security, and usage - for its large corporate clients. <a href="https://www.businessinsider.com/wells-fargo-ruth-jacks-commercial-bank-data-strategy-2021-8">She gave us an idea of what she's targeting in her new role.</a><a href="https://www.businessinsider.com/crypto-startup-ramp-secures-regulatory-approval-from-britains-fca-2021-8">Ramp is the eighth crypto firm to win approval from the UK's financial regulator</a><a href="https://www.businessinsider.com/crypto-startup-ramp-secures-regulatory-approval-from-britains-fca-2021-8"><div type="image" title="Ramp cofounders Przemek Kowalczyk &amp; Szymon Sypniewicz." height="789" width="1052" msid="85066744" hostid="261"></div></a>The startup, essentially a PayPal for crypto, has secured rare regulatory approval from the UK's financial watchdog. <a href="https://www.businessinsider.com/crypto-startup-ramp-secures-regulatory-approval-from-britains-fca-2021-8">Get the full rundown here.</a> <a href="https://www.businessinsider.com/payments-salaries-tech-engineers-amex-mastercard-paypal-square-visa-2020-10">How much do payment giants pay their tech talent?</a><a href="https://www.businessinsider.com/payments-salaries-tech-engineers-amex-mastercard-paypal-square-visa-2020-10"><div type="image" title="wolf of wall street" height="1067" width="1423" msid="85066747" hostid="261"></div></a>We used our searchable salary database (<a href="https://www.businessinsider.com/salary-database-google-goldman-amazon-how-much-top-jobs-pay-2021-7?r=salary-hp">check that out here</a>) to see how much Amex, Mastercard, PayPal, Square, and Visa pay their technology employees. <a href="https://www.businessinsider.com/payments-salaries-tech-engineers-amex-mastercard-paypal-square-visa-2020-10">See what tech workers make at the country's leading payment companies.</a>On our radar:<ul><li>JPMorgan wants to hire Olympic-level athletes as bankers, Financial News reports. <a href="https://www.fnlondon.com/articles/why-jpmorgan-wants-to-hire-olympic-level-athletes-as-bankers-20210804?redirect=amp#click=https://t.co/eRTiUec9xR">Here's why.</a></li><li>Bloomberg reports that hedge fund Alphadyne lost $1.5 billion in a short squeeze in the global bond market - <a href="https://www.bloomberg.com/news/articles/2021-08-03/hedge-fund-alphadyne-loses-1-5-billion-in-rates-short-squeeze">one of the biggest casualties.</a></li><li>Businesses are loading up on credit, according to the WSJ. <a href="https://www.wsj.com/articles/businesses-are-loading-up-on-credit-spending-could-follow-11628069581?mod=hp_lead_pos1">Spending could follow.</a></li><li>KKR brought in a record fundraising haul as its PE portfolio surged. <a href="https://pitchbook.com/newsletter/kkr-brings-in-record-fundraising-haul-as-pe-portfolio-surges-ioi">More on its $59 billion in new capital.</a></li><li>From the New York Times: If you paid your debt to society, <a href="https://www.nytimes.com/2021/08/04/opinion/clean-slate-incarceration-work.html">you should be allowed to work.</a></li><li>Five warning signs you're in a toxic workplace, and <a href="https://www.businessinsider.com/how-to-know-if-your-job-is-a-toxic-workplace-psychologists">what to do about it before it ruins your personal life.</a></li><li>Employers are waging a war over work from home. <a href="https://www.businessinsider.com/in-war-over-work-from-home-remote-wfh-is-winning">WFH is winning.</a></li><li>We got a private tour of the most expensive home for sale in America. <a href="https://www.businessinsider.com/most-expensive-home-manhattan-432-park-avenue-ryan-serhant-tour-2021-8">See photos of the penthouse at 432 Park Ave.</a></li><li>Your Whole Foods delivery order is getting about $10 more expensive <a href="https://www.businessinsider.com/whole-foods-online-grocery-delivery-order-getting-more-expensive-fee-2021-8">if you live in one of these six cities.</a></li><li>These nine people are shaking up the notoriously old-school legal industry, with everything from AI research to new pricing models. <a href="https://www.businessinsider.com/9-power-players-change-innovation-legal-industry-law-tech-2021-8">Meet them here. </a></li></ul>

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A hedge fund reportedly lost $1.5 billion in a bond market short-squeeze as bets on rising rates turned sour

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This $9 billion hedge fund just joined the raid on big bank commodity index traders with a senior JPMorgan hire

Alex Morrell

Goldman M&A frenzy - CLO power players - Square and PayPal duke it out

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