(Bloomberg) -- Hedge fund Polar Asset Management Partners hired Steve McDonald, a director in Bank of Nova Scotia’s treasury group, according to people familiar with the matter, the latest in a string of departures from the bank.

McDonald recently stepped down from the Toronto-based bank, said the people, who asked not to be named because the matter is private. McDonald is joining Polar’s portfolio risk group as a director, said one of the people, adding that his focus will be on the risk management needs associated with the development of the firm’s global rates investment team.

A press officer at the bank wasn’t available to comment. Polar declined to comment while McDonald couldn’t be reached.

McDonald is joining Polar weeks after the hedge fund recruited Bank of Montreal’s Jean-Francois Leclerc to work in a different part of the firm. At BMO, Leclerc had been in charge of structuring credit-risk transfer transactions, people familiar with the matter said last month. 

McDonald’s hiring adds to a recent string of departures from Scotiabank. Jacqueline Kope and Alex Lederman jumped to RP Investment Advisors, according to people familiar with the personnel moves. 

A press officer at RPIA declined to comment.

Investment-grade bond trader Matt Evans was hired away by Mitsubishi UFJ Financial Group Inc., while high-yield bond trader Lisa Chow joined Deutsche Bank AG in New York. Also, William Kellett, a managing director on Scotiabank’s foreign exchange desk, also left, people with knowledge of the matter said in July. 

--With assistance from Paula Sambo.

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