Two former JP Morgan traders have teamed up after leaving the US bank more than five years ago and moving into the hedge fund industry.

Luke Ellis, former global head of equity derivatives and head of equity proprietary trading at JP Morgan before leaving in 1998, has become a director of Ferox Fund, part of Ferox Capital Management, according to a stock market announcement. Ellis, who joined Financial Risk Management after leaving JP Morgan and remains chairman of the $12bn (€9.4bn) fund of hedge funds' investment advisory board, assumed the Ferox role in June. His appointment links him with Jeremy Herrmann, the former world fly-fishing champion who founded Ferox in 2000 after resigning from JP Morgan's European convertibles team. He was ranked among the top 100 rising stars under 40 in the European securities industry in a survey by Financial News last year and is worth £75m (€111m), according to this year's Sunday Times Rich List. The pair are among several former JP Morgan staff to have switched to start hedge funds.
Ferox could not be reached for comment.