Did hedge fund Millennium pay its 29-year-old Goldman Sachs star $20m+?
As we reported yesterday, 29-year-old dividend trader Paulo Costa has left Goldman Sachs and is on his way to hedge fund Millennium in London. It seems that he may have received a generous inducement to move.
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Millennium declined to comment for this article and Costa did not respond to a query on the largesse extended to him, but we are given to understand that it extended to over $20m.
If so, this explains Costa's willingness to leave Goldman Sachs for the hedge fund, despite only being promoted to managing director several months previously and claiming that he was "beyond proud" of working there.
Costa is the latest in a long line of highly capable Goldman Sachs traders in their 20s to decide that multistrategy hedge funds are more appealing than banks. Last year, Wajih Ahmed, a 28 year-old inflation trader, left Goldman for Balyasny Asset Management. Dan Avery, an index trader who made MD at Goldman aged 28 joined Millennium aged 33 before jumping to Balyasny four years later.
Costa, whose wife works in prime broking at Goldman Sachs, worked on the dividend trading desk at Goldman. Dividend traders trade dividend futures, which are exchange traded equity derivatives contracts allowing investors to take positions on future dividend payments.
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