The 20 Rising Stars of Fixed Income 2008

7. BILLY HULT Managing Director and Head of U.S. Markets Tradeweb, Jersey City, N.J. Age: 38 Education: Denison University (B.A. in English) Hult is managing director and head of U.S. markets for Tradeweb, an over-thecounter, multi-asset class online marketplace. Having joined the firm in 2000, he considers his role in building Tradeweb’s To-Be-Announced (TBA) mortgagebacked securities market, which launched in February 2001, to be his greatest career accomplishment to date. “More than $1.5 trillion is traded by our mortgage clients with the dealers on Tradeweb every month,” he said. “That’s as much as is traded on the major stock exchanges.” Hult’s expertise in the mortgage market dates back to the beginning of his career. After a three-year stint at PaineWebber, he joined Garban Corporates in 1994 as a mortgage broker and then Société Générale in 1997 as director of mortgagebacked securities trading. Hult considers the fixed-income market to be a people business, even in an increasingly online world and even while working for an electronic marketplace. “Building new marketplaces means working closely with other people, which I like,” he said. “Relationships are still very important, as the electronic trading business is growing fast and offers plenty of opportunity for creativity and innovation.” According to Hult, one technology company that has set an example is Apple. “Apple is great because it has shown such creativity and innovation in building their brand,” he said. “More than that, they were nearly dead and had the confidence to stick with their vision. Now look at them!” MAY 2008 Looking forward, consolidation will continue to shape the industry in the coming years, and technology will be an important factor in how the markets look in the future, Hult predicted. “What will be interesting to observe is the degree to which technology’s role expands in our markets,” he said.“In 10 years, all traders will be totally Internetsavvy and completely comfortable with the digital age. It’s going to be great news for the electronic marketplace.” What that future holds for Hult, however, is less clear. “I see myself continuing to build marketplaces, working closely with dealers and customers,” he said. “I could see myself working with either the over-the-counter markets or the exchanges, perhaps in futures even.” 8. BRYN JONES in fixed income. Down the road, he would like to be in a similar role but with more responsibility. “My main aim in 10 years is to be managing a larger unit trust team within the U.K., hopefully within the same company,” he said, noting that the London-based manager is looking to grow its unit trust business and diversify its allocation mix. Jones’ love of travel may come in handy if his predictions for the future of the fixed-income market come true. “I see more use of derivatives, more hedging and more global bond funds as people tap into securitizations in new markets such as China, India, Brazil, Russia and Africa,” he said. Jones is regularly seen on CNBC Europe and Telegraph TV (run by Britain’s Telegraph newspaper) discussing fixedincome market issues and broader market trends.Though he initially thought he would be nervous appearing on television, he now considers it one of his biggest accomplishments. “I find it has increased my profile in London,as a lot of trading desks call me up and people actually recognize me,” he said, joking that he hasn’t yet had to fend off the infamous British paparazzi. In addition to traveling the world, Jones – who runs Rathbones’ £44 million ethical bond fund – has a regard for its resources and admires companies that FIXED INCOME RISING STARS 17 8. BRYN JONES Fixed Income Manager Rathbones Trust Management, London Age: 33 Education: Birmingham University (B.A. in Geography) Mentor: Julian Chillingworth, Chief Investment Officer, Rathbones When Jones began working in the financial markets in 1996, he was attracted by the logic and mathematics inherent to the fixed-income markets, preferring this sense of order to the volatility of the equity markets. He started out doing a little bit of both, learning the ropes in administrative roles at Schroder Investment Management and Coutts & Co. after graduating from Birmingham University in England. He also worked for Robert Fleming Investment Management and Merrill Lynch Investment Management before joining Rathbones in November 2004. At Rathbones, which has some £13 billion under management, Jones is part of a two-person unit trust team that oversees the firm’s £1.3 billion invested

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