Citadel parted company with an interesting portfolio manager. Jain Global hired him

Hedge funds have spent the past few years building out power trading teams, including teams trading renewable energy. Citadel, however, parted company with the founding member of its renewable fuels team in June. Now he's turned up at Jain Global instead. 

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Jay McCall has joined Jain Global in San Francisco to build an integrated platform trading environmental products, including carbon trading, renewable electricity and renewable fuels. 

McCall was formerly Citadel's head of North American Environmental products trading. Reuters reported that he joined the fund to start the business in June 2021. He left four years later.

Citadel declined to comment for this article. Jain Global didn't respond to a request to comment. 

McCall's new job at Jain Global appears larger than his old job at Citadel. Unusually, though, he appears to have avoided Citadel's long non-compete period, which can last as long as 21-months.

Commodities trading can be challenging for hedge funds unless, like Citadel, they trade underlying physical products too. However, Jain isn't the only place hiring. Bloomberg reported last month that Verition had doubled its commodities trading pods to six, and has added energy traders. 

Jain Global bought Anahau Energy, a wholesale gas marketing firm, in September. The fund's head of commodities trading is ex-Macquarie oil trader David Hochberg. Not all Jain Global's commodities hires last: Maxwell Lee spent 10 months at Jain Global's Houston office before joining JPMorgan in November. Lee previously spent 10 years at Bank of America.

McCall joined Citadel from DTE Energy Trading, along with Erica Reicher, who became Citadel's head of North America environmental products origination, working alongside him. Reicher still appears to be at Citadel. 

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