Hedge Fund Movers
Bridgewater China to appoint new PM
Bridgewater (China) Investment Management, the Chinese subsidiary of U.S. hedge fund giant Bridgewater Associates, is preparing to appoint a new portfolio manager, according to a report by Caixin Global. The report indicates that Zhang Duan is expected to step into the role next month, succeeding Joanna Alpert.
Zhang, a Yale University graduate with a bachelor’s degree in economics, began his career at the investment firm Cambridge Associates before joining Bridgewater in 2015. As of the end of last year, Bridgewater managed $112.5 billion in assets globally, while BCIM oversaw more than RMB 40 billion.
Millennium closes two Asia trading pods
Millennium Management, a $68 billion multi-strategy hedge fund, has closed two of its investment teams in Asia, resulting in the departure of two portfolio managers, according to a Bloomberg report. The two teams, led by Shao Ying and Zachary Corones, were based in Hong Kong and focused on index-rebalancing strategies. The specific performance of these teams, the assets they managed, and the reasons for their closure were not immediately disclosed. The decision comes during a period of market volatility driven by concerns over the U.S. economic outlook and tighter monetary policy in Japan.
The closures follow a steep decline in Japan’s Topix Index earlier this month the worst three-day drop since 1959. This was caused by the Bank of Japan raising interest rates for only the second time in 17 years, leading to significant fluctuations in global markets and increasing concerns over a weakening U.S. economy. Millennium and similar hedge fund platforms like Balyasny Asset Management typically allocate capital to various teams, or pods, each with its own strategy. They closely monitor each team’s performance, and if a team experiences significant losses, its trading may be reduced, or the team may be shut down, allowing the firm to maintain overall steady returns.
Ex-Citi quantmoves to Deutsche Bank
Alexis Fauth has joined Deutsche Bank in London as the head of market data methodology according to efinancialcareers. Before this, he was head of data science at Tradefeedr, an investment insights platform used by firms like XTX Markets and NatWest. Tradefeedr was founded in 2017 by former Lehman Brothers directors Balraj Bassi and Alexei Jitsov, who previously managed the systematic hedge fund Blacktree Investment Partners.
Fauth spent five and a half years at Citi, starting as a quant analyst and becoming a director after three years, leading an FX data science desk. He holds a PhD in applied mathematics from Panthéon-Sorbonne.
Hedge fund Citadel’s core engineering CTO has resurfaced at Millennium
Citadel has once again tapped Goldman Sachs’ talent, bringing on Atte Lahtiranta as their new CTO for core engineering, according a new report from efinancial. He’s stepping into the shoes of Rick Lane, who has now resurfaced at Millennium after being on garden leave for the past 15 months. Citadel’s core engineering team is critical, focusing on technology for risk and trading functions.
Lane spent over a decade at Trading Technologies, where he served as CEO for seven years before his time at Citadel. But Lane isn’t the only one making the switch from Citadel to Millennium. Luca Mihailescu just joined Millennium as their new identity and data protection lead after spending seven years at Citadel in security engineering.