Millennium Management, one of the world’s biggest hedge fund firms, has unveiled a shake-up of the organisation of its investment operations that will see the departure of co-chief investment officer Bobby Jain.
Founder Izzy Englander wrote to investors on Tuesday, in a note seen by the Financial Times, saying the company, which has $59bn in assets, was going to set up a so-called office of the chief investment officer, which will include two new co-CIOs and the heads of risk management in the asset classes in which the firm trades.
Former Goldman Sachs head of equity trading Paul Russo, who is Millennium’s global head of equities risk, will become one of the co-CIOs; the second name is to be announced shortly.
Jain, who joined Millennium more than six years ago, will relinquish the role of co-chief investment officer and from now until the middle of next year help the firm move to the new structure.
Millennium, a so-called multi-manager fund with 280 teams of traders, has been one of the most successful hedge funds of recent years, helped by its broad range of trading strategies. This year it is up 10.3 per cent.
Millennium declined to comment.