Big hedge funds like Millennium Management, CQS and BlueCrest Capital Management, are among firms that are capitalizing on a difficult environment for start-ups, hiring potential managers who might once have considered setting up on their own.
Izzy Englander’s $18.5 billion U.S. hedge fund Millennium Management hired Stephen Keller from UBS as UBSN.VX +2.31% head of European business development, a new role to in which he will go on a recruitment drive for portfolio managers.
Marshall Wace plans to hire about 12 portfolio managers in the next couple of years and is moving from Connecticut to midtown Manhattan.
The firm plans to hire about a dozen staff, including portfolio managers in the next couple of years and is moving its U.S. office from Connecticut to midtown Manhattan.
Earlier this month, Chris Boas, a former global head of credit at Citadel’s securities unit, joined Michael Hintze’s firm CQS as a senior portfolio manager. Mr Boas cancelled plans for his own hedge fund. Zacharias Bobolakis, a former managing director and proprietary trader at UBS, also shelved plans to launch his own hedge fund and joined CQS in May.