Recent Departures No Worry To Millennium

Aug 19 2010 | 2:19pm ET

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.”


In Depth

Q&A: Open Season For Closed-End Funds

Aug 29 2014 | 10:00am ET

When Maury Fertig and Bob Huffman, former Salomon Brothers coworkers, launched...

Lifestyle

Och Funds Women In Finance Initiative At U-M

Aug 28 2014 | 3:01pm ET

Och-Ziff Capital founder Daniel Och and his wife have made a "generous donation"...

Guest Contributor

Looking Ahead: What’s In Store For Managed Futures?

Aug 22 2014 | 12:52pm ET

The last five years were phenomenal for investors in equity indices. Will the next...

 

Editor's Note

    Get A Sneak Peak Of The Alpha Pages

    Aug 25 2014 | 11:21am ET

    As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…

 

Futures Magazine

July/August 2014 Cover

The time was right

Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.