Ex-James Caird Credit Chief Joins Millennium

May 5 2010 | 10:53am ET

Unhappy with his compensation at James Caird Asset Management, Iftikhar Ali has found a better payday at Millennium Management.

Ali, who left James Caird last month after just nine months at the helm of its European credit business, joined Millennium Capital Partners—Millennium’s London arm—yesterday. He’ll trade European and Asian credit at his new job, Financial News reports.

Another James Caird credit trader has also found a new home. Gopi Karunakaran, who worked with Ali, will move to Tricadia Capital’s London office this summer, where he will focus on European credit.

According to Financial News, Ali was believed he was not adequately compensated for his contributions to the performance of James Caird’s Global Fund. James Caird, unlike most hedge funds, pays its employees on a discretionary basis, rather than basing compensation directly on performance.

Before joining James Caird 10 months ago, Ali was head of credit arbitrage trading for Europe and Asia at Bank of America. He previously did a stint as head of credit default swap trading at Citigroup.

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