Two Top Quants Exit Jump Trading After Record Quarter

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Two senior machine learning researchers, Yiming Zhang and Darko Kirovski, are leaving Jump Trading's core strategies unit after the firm posted record first-quarter profits. The timing of their departures is notable, as Jump just logged its most profitable quarter in 27 years, with the firm's elite Jump Core Strategies unit largely responsible for the windfall. Both Zhang and Kirovski were instrumental in building Jump's massive machine learning operation, which the company has leveraged to dominate high-frequency trading across global markets.

Why it matters

The exits of Zhang and Kirovski raise questions about succession planning and whether the research culture they built can persist without them. Their departures come at a pivotal moment, as Jump's competitive landscape is shifting, with rivals like Jane Street and Citadel Securities aggressively expanding in Asia and offering lucrative compensation packages to attract top talent. Additionally, Jump has faced regulatory challenges, including a $123 million penalty in 2024 to settle federal investigations into its crypto trading practices, which have placed even more pressure on the firm's core strategies unit to deliver.

The details

Zhang joined Jump in 2009, and Kirovski arrived two years later. Both spent well over a decade inside Jump Core Strategies, the unit responsible for high-frequency trading across global markets. In a 2023 speaking engagement, Kirovski offered a rare glimpse into the group, noting that for more than a decade it had been running what he called probably the largest machine learning operation in the world, largely unbeknownst to the public. The firm has grown from 1,100 employees in 2022 to more than 2,000 today across 13 offices and eight countries, but scale brings its own challenges, particularly in retaining the specialized researchers who give these firms their edge.

• Jump Trading just logged the most profitable quarter in its 27-year history.
• Zhang joined Jump in 2009, and Kirovski arrived two years later.
• In 2023, Kirovski offered a rare glimpse into Jump Core Strategies, noting the unit had been running what he called probably the largest machine learning operation in the world for more than a decade.
• Jump has grown from 1,100 employees in 2022 to more than 2,000 today across 13 offices and eight countries.

What they’re saying

What’s next

The next moves of Zhang and Kirovski will be closely watched, as top quant talent increasingly has the option to launch proprietary funds rather than remain inside large organizations. Their destination will provide insights into the future direction of quantitative finance.