Deutsche Bank's head of exotic rates trading left for Brevan Howard. Now he's coming back
If you work for Deutsche Bank, do you remember Martial Collet-Billon? You probably should. He spent nearly 14 years at Deutsche Bank and was head of rates options and exotics trading for Europe until April 2025, when he left for hedge fund Brevan Howard.
Now Collet-Billon is on his way back again. It's not clear in what capacity. Nor do we know when Deutsche Bank will reintegrate him.
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Deutsche Bank declined to comment on Collet-Billon's arrival or new role. He ignored our invitation for clarification and Brevan Howard didn't respond to a request to comment.
Collet-Billon's LinkedIn account says he spent 17 months as a portfolio manager at Brevan Howard, arriving in April 2025 and leaving in September 2026. Maybe he is resting before resuming his seat at Deutsche Bank.
It is not unheard of for rates traders to leave for hedge funds and then come back to banks. Michael Lublinsky once worked for Barclays, before leaving for Brevan Howard, returning to Barclays and then going back to Brevan Howard again, for example.
Headhunters say that Deutsche Bank pays particularly generously in its macro trading business, run by Alok Modi. This is not always sufficient to prevent departures. In June, George Toynbee a talented young director on the desk, left for a hedge fund. The FCA Register shows him joining LMR in August.
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