Alternative fixed income boutique Kapstream Capital has lost a director to Citi as the bank seeks to replace traders who left after former regional fixed income head, Jeff Herbert-Smith, exited.

Stephen Mackie left Kapstream last week for Citi’s secondary trading in fixed income desk, within the Australia and New Zealand fixed income, currencies and commodities department. He begins in the new role later this month. “In a boutique, you get caught up in these games of musical chairs,” Kumer Palghat, Kapstream director, said. At Citi, Mackie will report to Paul Gover, head of interest rate trading for Australia and New Zealand. The bank’s overall fixed income, currencies and commodities portfolio is headed by Chris Cox, who joined in recent weeks after Herbert-Smith left for JPMorgan. A number of other traders left afterwards, for which the bank is seeking replacements, a Citi spokesperson said. Kapstream is searching to replace Mackie.