Hedge fund-turned-family office BlueCrest Capital Management has recruited former Nomura Holdings Inc rates trader Takushi Sawada as a portfolio manager, according to a report by Bloomberg citing unnamed people familiar with the appointment.
Sawada previously worked at Nomura Holdings Inc as a managing director in Japanese government bond (JGB) trading before leaving the bank following regulatory findings that he had engaged in alleged market manipulation involving JGB futures several years earlier. He was dismissed in September 2024 after Japanese regulators concluded he had participated in the activity, a decision he has contested.
After his departure, Sawada publicly defended his conduct through anonymous blog posts on a Japanese platform, where he denied wrongdoing and referred to his commentary as “toilet graffiti.” His posts were later removed from public view.
BlueCrest Capital Management, led by Michael Platt, did not respond to requests for comment, and Sawada could not be reached.
The appointment comes amid rising demand for experienced traders in Japan’s government bond market, which has seen a resurgence in volatility after years of relative stability. Hedge funds have increasingly tapped this talent pool as interest-rate opportunities expand. Recent moves include Point72 Asset Management hiring BNP Paribas SA’s former JGB trading head Takahiro Suzuki as a portfolio manager.
The broader trend reflects a steady migration of rates traders from major investment banks into hedge funds and proprietary trading firms since 2022, as global volatility has reshaped opportunities in fixed income markets.
BlueCrest, which has delivered strong performance since Michael Platt returned the firm to managing capital internally a decade ago, has reported outsized gains in recent years, underscoring its continued appeal as a destination for macro and rates talent.
