Guggenheim Partners plans to hire between 100 and 150 proprietary traders for it new Guggenheim Global Trading, according to Loren Katzovitz and Patrick Hughes, the managing partners heading the firm. Katzovitz said, “Historically the people leaving a prop desk would have gone out to a prime broker and launched a hedge fund. Now launching is just more difficult unless you have critical mass.” The firm expects to make the hires from traders forced out of jobs as banks closed their proprietary desks to conform to the Volcker rule.
