Bloomberg hires Hagan for new quant team

Pat Hagan – a former managing director in Bear Stearns’ fixed income research group – has joined Bloomberg’s nascent quantitative research and development group.

Hagan began work at the New York-based financial information and trading services provider last week. He reports directly to Peter Carr, who heads the analytic research team at Bloomberg.

Carr, Risk’s 2003 quant of the year, joined Bloomberg in May. He told Risk in June that the group would initially focus on developing fixed-income analytics, but eventually broaden its scope to encompass “[all] derivatives research and portfolio analytics”. Hagan is the first external hire to the group.

Hagan is perhaps best known within the quant finance community for his work on the use of asymptotic expansions within the context of stochastic volatility modelling. An official at Bloomberg said Hagan will initially work with Carr on fixed income research.