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A competitive poker player and JPMorgan Chase & Co. head of VIX trading Jeremy Wien, according to Bloomberg News, is joining hedge fund Och-Ziff Capital Management Group LLC. The VIX measures the cost of using options as insurance against declines in the S&P 500, the benchmark measure of American equities.
Jeremy Wien, 29, thanked his JPMorgan colleagues for the two-year experience. “I also appreciate greatly all of your advice and encouragement regarding the best ways to lose a few pounds as well as to improve my fashion sense,” Jeremy Wien wrote. “Rest assured that while I haven’t necessarily heeded any of that advice to date, I assure you that I will at some point,” he said.
A spokesman for Och-Ziff, Jonathan Gasthalter, and Brian Marchiony of New York-based JPMorgan Chase both declined to comment on Jeremy Wien’s move, according to a report by Bloomberg News. Bloomberg has also reported that, the VIX is also known as the “fear index” because it is a measure of volatility in the Standard & Poor’s 500 Index. It moves in the opposite direction of the benchmark around 80 percent of the time, and it has gained popularity in recent years as a way to hedge equity investments.
Image Credit: www.businessinsider.com
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