Moving to HF - confidential info
Got an offer and would be moving to a HF covering the same sector I currently cover in IB. I am staffed on two deals where I know confidential, material non public info (m&a related). Fund has positions in some of these companies and related assets
Obviously not intending to make use of this but should I raise this issue to someone (internally in my firm when I resign, to the fund, to any regulator)
I have a 30 day notice, thought my firm could perhaps de-staff me from those deals so that the information becomes less relevant / obsolete once i join
Probably quite paranoic but obviously wouldn't want to have any problems
Anyone in a similar situation?
Not paranoid at all - clearly need to let compliance know
Thank you, understand you mean compliance at my current firm once I resign. Would you tell something to the fund as well?
Pretty common issue that firms have policies in place to address. Ask HR or the hiring manager at the new firm to put you in touch with their compliance team. They may ask you not to work on those companies either for some predefined amount of time, or until a transaction is disclosed.
Compliance at new firm
For your protection and their protection
This. And in writing, if possible. Disclosure and everyone is aware. HF most probably don't want to trade on this info and risk an investigation nightmare.
Have a great start at your new gig!
Yeah when I joined the buyside from IB I had to sit down with compliance at my new firm and disclose any mnpi I had from my previous job. Compliance person will determine what to do, and if it is, the security would likely go onto some sort of watchlist (which means the firm can’t trade it). Depending on the size of the firm, they may be able to ring fence you from the group who is trading the security until the info becomes stale / disclosed.
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