"A person familiar with the move told Business Insider that Mazur, a stockpicker for Citadel's Global Equities unit since the summer of 2016, is joining Izzy Englander's Millennium as a senior portfolio manager. Citadel and Millennium declined to comment. A person close to Citadel told Business Insider the manager liquidated Mazur's portfolio earlier this year and promoted two people under him - Brad Gemberling and Greg Fitter - to portfolio manager roles."
"The war for investing talent, particularly among the big four multistrategy firms, Millennium, Citadel, Point72, and Baylasny, has ramped up the costs across the industry. PMs typically receive guaranteed payouts in their contracts, but if an individual a firm wants to cut instead resigns and joins another firm, they forfeit that compensation."
"Millennium, which has more than 6,600 employees and hundreds of investing teams, continues to add to its roster. The firm poached Goldman Sachs' cohead of global equities, Erdit Hoxha, last month to join its Office of the CIO, which oversees its legions of trading teams."
Daniel Mazur is transitioning from Citadel's Global Equities unit to Millennium Management as a senior portfolio manager. Mazur has been a stockpicker at Citadel since summer 2016, representing nearly a decade at Ken Griffin's $66 billion hedge fund. Following his departure, Citadel liquidated Mazur's portfolio and promoted two subordinates, Brad Gemberling and Greg Fitter, to portfolio manager roles. Mazur previously spent approximately 12 years at Harvest Capital Strategies before joining Citadel. The move reflects intense competition for investment talent among major multistrategy firms including Millennium, Citadel, Point72, and Balyasny, driving up compensation costs across the industry.
#hedge-fund-talent-movement #citadel-to-millennium #investment-industry-competition #portfolio-management #multistrategy-firms
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