Millennium Management Said to Hire Former BofA Proprietary-Trading Team

Millennium Management LLC, the $11.3 billion hedge fund run by Israel Englander, hired a proprietary- trading team formerly at Bank of America Corp. (BAC), according to a person familiar with the matter.

Linus Wright, 41, and his eight-person team will start at Millennium’s London offices next month, said the person, who asked not be identified because the information is private. Dave Millar, a spokesman for the New York-based company, declined to comment on the appointments.

Englander said in November that it was the best time in 15 years to hire traders as banks shuttered their proprietary- trading businesses to comply with U.S. financial legislation that bars them from trading with their own money. Bank of America, based in Charlotte, North Carolina, last month shut a 15-person proprietary bond-trading unit run by Scott Brown, three people briefed on the decision said on June 10.

Wright’s team, which left the bank in April, had traded relative value, a strategy that seeks to profit from differences in prices of various markets. The London-based group was part of Bank of America’s proprietary-trading business before the firm bought Merrill Lynch & Co. in 2009.

Wright joined Bank of America in 2007. His team includes Paul Cloke, Suketu Shah and Stephanie Allen, the person said.

Englander, 62, who worked as a floor broker on the American Stock Exchange, founded Millennium in 1989 with $35 million. The firm employs more than 110 portfolio managers, according to its website.

To contact the reporter on this story: Saijel Kishan in New York at

To contact the editor responsible for this story: Christian Baumgaertel at

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.