One of Millennium Management’s most senior European traders has left the firm following significant losses.
Chris Dale, who managed more than US$1 billion, making his among the largest portfolios at the hedge fund, left in May, the Financial Times reports. Dale’s departure came on the heels of a roughly 5% loss suffered earlier this year.
Dale has been with Millennium since the New York-based hedge fund first set up shop in London in 2006. One of the firm’s longest-serving partners, his exit shocked many in the British hedge fund industry, according to the FT.
It also comes as Millennium has bolstered its London staff, hiring more than 25 people since the beginning of the year.