Millennium Hires Fourth UBS Hedge Fund Manager

Jun 10 2013 | 9:28am ET

Millennium Management has added to its recent haul of UBS hedge fund traders.

Jonathan Jacoby has left the bank's internal hedge fund unit, UBS O'Connor, to join the U.S.-based hedge fund, Bloomberg News reports. Jacoby, who is based in the U.S., joined Felipe Cruz, Arnaud Langlois and Mark Napp, all of whom left O'Connor for Millennium in London.

The four new Millennium hires are part of an exodus of traders from O'Connor after UBS slashed cash bonuses and set a five-year vesting period for portions of bonuses. At least seven O'Connor traders have left the firm this year.

Bloomberg notes that, because Millennium passes on all expenses to investors rather than charge a fixed management fee, and because UBS' fund of hedge funds unit is an investor with the firm, that UBS itself is helping to pay Millennium's costs for poaching its traders. Millennium reportedly lured Cruz, Jacoby, Langlois and Napp with signing bonuses and promises to replace deferred compensation owed them by UBS.

There is no agreement on the matter between the bank and the hedge fund, Bloomberg reports.


In Depth

Q&A: Star Mountain's Brett Hickey On Investing In 'The Growth Engine Of America'

Sep 22 2017 | 5:06pm ET

Lower middle-market companies form the economic fabric of the nation, but they can...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Don’t Overlook These 6 Hybrid Cloud Concerns

Sep 14 2017 | 6:27pm ET

Cloud-based technology solutions have made tremendous inroads into the alternative...

 

From the current issue of

Business Insider has been reporting on the unusual trading activity of a mystery trader who placed a profitable short equity bet to the tune of $21 million on the Aug. 10 move in the CBOE Volatility Index (VIX).