How come both HF/LO seem to have way more traders than ex-IBD?

Asia observation only but not sure if that applies to US/Europe as well.

I thought momentum trading should be driven mostly by systematic strategies which quant (rather than traders) would dominate; and long short or relative value should be very fundamental focused with bankers and ex-sell side research analysts.

But it seems that regardless of strategies, there are loads of former traders taking PM positions. What is the reason? I spent a short stint on the trading floor in the past and a deriv trader can easily have 50-100 names on the book - no way they can go as deep as a sector banker or research analyst, how do they even manage to be a PM? Are they mostly just momentum punters spicing with some fundamentals?

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