A raft of recent departures from Millennium Management and its affiliates has nothing to do with the firm’s shrinking asset base, according to reports.
At least five portfolio managers and analysts have quit the New York-based hedge fund or been laid off, Hedge Fund Alert reports. The most recent to leave the firm is Effie Veres, an analyst at Millennium unit Macklowe Asset Management, who exited last week. Another former Macklowe analyst, Aaron Meyer, was laid off last month.
Also leaving last month was Matthew Karchmer, a consumer-stock portfolio manager at Green Arrow Capital. Following Karchmer’s resignation, Millennium laid off his deputy, Richard Wang.
Mike Keohane, a portfolio manager at Millennium’s Catapult Capital, also left the firm, about three months ago.
It is unclear what the plans of Veres, Wang or Keohane are. Meyer is expected to join RBC Capital Markets, while Karchner has joined D.E. Shaw Group.
Sources told HFA that the revolving door has nothing to do with the fact that Millennium’s assets under management have fallen by almost half in the past two years. Indeed, the firm actually employs between 50 and 60 more people this year than last, having added as many as 20 trading teams.
“If you’re not performing, you’re gone,” the source said. “You perform, you stay.”