Millennium Management has named Barclays' prime brokerage chief to a top role at the hedge fund.
Ajay Nagpal will become Millennium's chief operating officer in July, Absolute Return reports. His arrival will see current co-president and COO Terry Feeney become the firm's sole president. His co-president, chief risk officer David Nolan, will become vice chairman, alongside current vice chairman Simon Lorne, Millennium's general counsel.
Nagpal took over as head of prime brokerage when Barclays bought Lehman Brothers' hedge fund services business. Prior to Lehman's collapse, he was head of equity sales at its prime brokerage.
Barclays has not named a successor to Nagpal.