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Big hedge funds are trimming staff as the year-end approaches

It's not just banks that let go of surplus staff before the end of the year. Some of the biggest multistrategy hedge funds seem to be doing the same thing. 

Bloomberg reported yesterday that Citadel cut three portfolio managers in London (Nico Dil, Tim Woodward and Sean Murphy) and one in New York (Michael Sheer) and we understand that there have been various exits at Millennium too.

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Both funds declined to comment for this article.

Millennium's recent exits include: Sebastian Mourot, a partner; Murat Boston and Nacer Bengelloun, associate portfolio managers; Nicholas Tan, a senior portfolio manager focused on long short equities; portfolio managers Roland Beunardeau and Jens Wauters.

Mourot, Beunardeau and Waters were reported by Bloomberg after we covered the other exits from the team.  Mourot joined from Point72 in 2020. 

Prad Kumar, an analyst who appears to have been on the same team, left in November. 

Banks like Goldman Sachs have a habit of pruning underperformers before the end of the year and it seems that big hedge funds have adopted a similar strategy. This may be more the case with Citadel than Millennium, however: one hedge fund headhunter said Millennium culls underperformers on an ongoing basis. 

Like banks, hedge funds are currently having discussions on bonuses and compensation. Payments, which are less discretionary and more closely linked to individual performance, are thought to happen in February and March next year.

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AUTHORSarah Butcher Global Editor
  • Ex
    ExecutiveSearch
    13 December 2023

    Bills give 5% risk free. Got to outperform atleast that in the new status quo!

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