Monday, 22 December 2014
Last updated 15 hours ago
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.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.