Millennium Snags Former BofA Relative Value Traders

Jul 29 2011 | 10:21am ET

Millennium Management next month will add a nine-member relative value trading team formerly of Bank of America.

The proprietary traders are led by Linus Wright, who worked at BofA from 2007 until his departure—with his team—in April. The group will work out of New York-based Millennium's London office, Bloomberg News reports.

In addition to Wright, the team includes Stephanie Allen, Paul Cloke and Suketu Shah.

In hiring the former BofA group, Millennium is practicing what its founder, Israel Englander, has preached. Englander said in November that the Volcker rule, which strictly limits proprietary trading at banks, made now the best time in 15 years to hire traders.

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