Millennium Management Said to Hire Former BofA Proprietary-Trading Team
Stock Chart for Bank of America Corp (BAC)
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.
To contact the reporter on this story: Saijel Kishan in New York at firstname.lastname@example.org
To contact the editor responsible for this story: Christian Baumgaertel at email@example.com
Bloomberg reserves the right to edit or remove comments but is under no obligation to do so, or to explain individual moderation decisions.